Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT, NET

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PROPERTY AND EQUIPMENT, NET
 9 Months Ended
Sep. 30, 2023
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 follows (in thousands):

  

    Useful lives (years)   September 30, 2023     December 31, 2022  
                 
Laboratory equipment   5   $ 7,182     $ 7,636  
Furniture, software and office equipment   3 to 5     960       1,379  
Leasehold improvements   Shorter of remaining lease term or useful life     8,602       8,605  
Subtotal         16,744       17,620  
Less: accumulated depreciation         (12,745 )     (11,879 )
Total property and equipment, net       $ 3,999     $ 5,741  

 

Depreciation expense was $0.5 million and $0.8 million for the three months ended September 30, 2023 and 2022, respectively, and $1.8 million and $2.3 million for the nine months ended September 30, 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 $1.8 million for the nine months ended September 30, 2022.