Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT, NET

v3.22.1
PROPERTY AND EQUIPMENT, NET
 3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 3 – PROPERTY AND EQUIPMENT, NET

 

Property and equipment are stated at cost and depreciated or amortized using the straight-line method based on useful lives as follow:

 

(in thousands)   Useful lives (years)   March 31,
2022		     December 31,
2021		  
Laboratory equipment   5   $ 9,138     $ 9,081  
Furniture, software and office equipment   3 to 5     1,908       1,896  
Leasehold improvements   Shorter of remaining lease term or useful life     8,603       8,603  
Construction-in-progress         3,252       3,219  
Subtotal         22,901       22,799  
Less: accumulated depreciation         (11,241 )     (10,460 )
Less: construction-in-progress impairment         (3,252 )     -  
Property and equipment, net       $ 8,408     $ 12,339  

 

Depreciation expense was $0.8 million for the three months ended March 31, 2022 and 2021, respectively.

 

On March 31, 2022, the Company announced that we were pursuing a strategic partner to take over development activities of ABO-102 and that we were discontinuing development of ABO-101. As a result of this shift in priorities, the Company determined the construction-in-progress which was dedicated to the ABO-101 and ABO-102 programs, had no future value and thus, we recorded an impairment charge of $3.3 million for the three months ended March 31, 2022.