Property and Equipment

12 Months Ended

Dec. 31, 2022

Property and Equipment

Property and Equipment

4. Property and Equipment

Property and equipment consisted of the following (in thousands):

	December 31,		December 31,
	2022		2021
Laboratory equipment	$	4,277	$	2,565
Leasehold improvements		899		899
Office furniture and equipment		514		429
Total property and equipment		5,690		3,893
Less: accumulated depreciation		(1,454)		(1,394)
Total property and equipment, net	$	4,236	$	2,499

Depreciation expense was $0.3 million and $0.3 million for the years ended December 31, 2022 and 2021, respectively. In 2022 and 2021, we determined certain of our laboratory equipment was not required and held for sale or placed into storage, and as a result, write-downs of net equipment of approximately $0.8 million and $0.2 million, respectively, were recorded as a loss and included in Other (expense) income, net on the consolidated statement of operations for the years ended December 31, 2022 and 2021. We had assets held for sale of approximately $0.7 million and $0.3 million as of December 31, 2022 and 2021, respectively, included in other long-term assets.