Property and Equipment, net

9 Months Ended

Sep. 30, 2023

Property and Equipment, net

Property and Equipment, net

6.           Property and Equipment, net

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

	September 30,		December 31,
	2023		2022
Laboratory equipment	$	6,762	$	13,191
Furniture and fixtures		—		1,929
Computer hardware and software		864		1,518
Leasehold improvements		—		37,908
Construction in process		—		178
		7,626		54,724
Less accumulated depreciation and amortization		(6,012)		(16,752)
Total property and equipment, net	$	1,614	$	37,972

Depreciation and amortization expense was $0.9 million and $1.4 million for the three months ended September 30, 2023 and 2022, respectively, and $3.5 million and $4.1 million for the nine months ended September 30, 2023 and 2022, respectively.

In December 2022, the Company identified certain long-lived assets no longer utilized under current or expected future operations. Accordingly, the Company recognized impairment expense of $0.4 million in 2022. In January 2023, certain long-lived assets with carrying value of $0.1 million met the criteria to be classified as held for sale and classified as current assets included in prepaid and other current assets.

In September 2023, as a part of the Company’s 2023 August 2023 Reorganization, the Company identified certain long-lived assets no longer utilized for current or expected future operations. Accordingly, the Company recognized impairment expense of $0.7 million during the nine months ended September 30, 2023. Certain long-lived assets with a carrying value of $0.3 million met the criteria to be classified as held for sale and classified as current assets included in prepaid and other current assets. Additionally, the Company transferred ownership of certain long-lived assets with a carrying value of $32.1 million to the Landlord as additional consideration for the Lease Modification Agreement.