Abeona Therapeutics Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

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 follows (in thousands):

SCHEDULE OF PROPERTY AND EQUIPMENT

	Useful lives (years)	March 31, 2023			December 31, 2022

Laboratory equipment	5	$	7,849		$	7,636
Furniture, software and office equipment	3 to 5		1,384			1,379
Leasehold improvements	Shorter of remaining lease term or useful life		8,605			8,605
Subtotal			17,838			17,620
Less: accumulated depreciation			(12,540	)		(11,879	)
Total property and equipment, net		$	5,298		$	5,741

Depreciation expense was $0.7 and $0.8 million for the three months ended March 31, 2023 and 2022, respectively.

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