Annual report [Section 13 and 15(d), not S-K Item 405]

PROPERTY AND EQUIPMENT

v3.25.1
PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 4 – 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)   2024     2023  
        As of December 31,  
    Useful lives (years)   2024     2023  
                 
Laboratory equipment   5   $ 8,868     $ 6,935  
Furniture, software and office equipment   3 to 5     1,113       986  
Leasehold improvements   Shorter of remaining lease term or useful life     8,805       8,603  
Construction-in-progress         624       —  
Subtotal         19,410       16,524  
Less: accumulated depreciation         (14,980 )     (12,991 )
Total property and equipment, net       $ 4,430     $ 3,533  

 

Depreciation and amortization on property and equipment was $2.0 million and $2.3 million for the years ended December 31, 2024 and 2023, respectively. The Company incurred a gain on disposal of equipment of $2,000 and a loss on disposal of $47,000 during the years ended December 31, 2024 and 2023, respectively, which is reflected in other income in the consolidated statements of operations and comprehensive loss.