XML 67 R12.htm IDEA: XBRL DOCUMENT v3.22.4
Property and Equipment, net
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, Net
Property and equipment are summarized as follows at December 31, 2022 and 2021:
(In thousands)20222021
Furniture and fixtures$— $318 
Computer equipment— 1,714 
Leasehold improvements— 90 
— 2,122 
Less accumulated depreciation— (729)
Property and equipment, net$— $1,393 
Depreciation on property and equipment was $0.6 million and $0.5 million for the years ended December 31, 2022 and 2021, respectively. The net book value of the Company’s property and equipment totaling $0.9 million was impaired during the year ended December 31, 2022 due to the carrying value of the asset group being greater than the fair value. The Company considered the market capitalization valuation as of December 31, 2022, which was adversely impacted by sustained declines in the Company’s stock price during 2022, in determining the fair value of the asset group. The market capitalization was trading below cash and cash equivalents and stockholders' equity at December 31, 2022, which required the Company to recognize the long-lived asset impairment.