Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2022
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):

 

                     
        As of December 31,  
    Useful lives (years)   2022     2021  
                 
Laboratory equipment   5   $ 7,636     $ 9,081  
Furniture, software and office equipment   3 to 5     1,379       1,896  
Leasehold improvements   Shorter of remaining lease term or useful life     8,605       8,603  
Construction-in-progress         —       3,219  
Subtotal         17,620       22,799  
Less: accumulated depreciation         (11,879 )     (10,460 )
Total property and equipment, net       $ 5,741     $ 12,339  

 

Depreciation and amortization on property and equipment was $3.1 million and $3.3 million for 2022 and 2021, respectively. During the year ended December 31, 2022, the Company incurred a loss on disposal of equipment of $0.1 million which is reflected in other income (expense) 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 approximately $1.5 million.