PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

The following table reflects property and equipment, net as of December 31, 2021 and 2020 (in thousands):

	December 31,
	2021		2020
Furniture and office equipment	$	2,733	$	2,680
Laboratory equipment	20		20
Leasehold improvements	10,523		10,523
	13,276		13,223
Less: Accumulated depreciation and amortization	(11,749)		(10,786)
Property and equipment, net	$	1,527	$	2,437

Depreciation expense was $1.0 million, and $1.6 million for the years ended December 31, 2021 and 2020, respectively. Depreciation expense is recognized in Selling, general and administrative expense in the Company’s Consolidated Statements of Comprehensive Income.