Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 3 – PROPERTY AND EQUIPMENT

 

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)   2023     2022  
        As of December 31,  
    Useful lives (years)   2023     2022  
                 
Laboratory equipment   5   $ 6,935     $ 7,636  
Furniture, software and office equipment   3 to 5     986       1,379  
Leasehold improvements   Shorter of remaining lease term or useful life     8,603       8,605  
Construction-in-progress         —       —  
Subtotal         16,524       17,620  
Less: accumulated depreciation         (12,991 )     (11,879 )
Total property and equipment, net       $ 3,533     $ 5,741  

 

Depreciation and amortization on property and equipment was $2.3 million and $3.1 million for the years ended December 31, 2023 and 2022, respectively. The Company incurred a loss on disposal of equipment of $47,000 and $0.1 million during the years ended December 31, 2023 and 2022, respectively, which is reflected in other income in the consolidated statements of operations and comprehensive loss.

 

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 year ended December 31, 2022, which was net of a cash refund from the builder of $1.5 million.