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Property and Equipment, Net
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

(4) Property and Equipment, Net

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

 

 

Useful life

 

As of

 

 

As of

 

 

 

in years

 

March 31, 2024

 

 

December 31, 2023

 

Furniture and equipment

 

5

 

$

1,913

 

 

$

1,965

 

Leasehold improvements (1)

 

9

 

 

9,424

 

 

 

9,371

 

System hardware

 

5

 

 

1,923

 

 

 

1,928

 

Office computers

 

3

 

 

9,076

 

 

 

8,950

 

Computer and system software

 

3

 

 

2,442

 

 

 

2,408

 

 

 

 

 

24,778

 

 

 

24,622

 

Less accumulated depreciation and amortization

 

 

 

 

(17,409

)

 

 

(16,317

)

Property and equipment, net

 

 

 

$

7,369

 

 

$

8,305

 

 

(1)
Lesser of the lease term or the estimated useful lives of the improvements, which may be up to 9 years as of March 31, 2024.

Depreciation and amortization expense for property and equipment was $1.2 million and $1.4 million for the three months ended March 31, 2024 and 2023, respectively.