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, 2024
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, 2024     December 31, 2023  
                 
Laboratory equipment   5   $ 8,581     $ 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  
Subtotal         18,499       16,524  
Less: accumulated depreciation         (14,441 )     (12,991 )
Total property and equipment, net       $ 4,058     $ 3,533  

 

 

Depreciation and amortization are reflected in research and development and general and administrative expenses in the consolidated statements of operations and comprehensive loss, as determined by the underlying activities. Depreciation and amortization on property and equipment was $0.5 million and $0.5 million for the three months ended September 30, 2024 and 2023, respectively and $1.5 million and $1.8 million for the nine months ended September 30, 2024 and 2023, respectively.