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Property and Equipment
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment

5. Property and equipment

Property and equipment include the following:

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Lab equipment

 

$

101

 

 

$

5,706

 

Furniture and office equipment

 

 

3,238

 

 

 

3,238

 

Software

 

 

291

 

 

 

291

 

Total

 

 

3,630

 

 

 

9,235

 

Accumulated depreciation

 

 

(3,087

)

 

 

(6,496

)

Property and equipment, net

 

$

543

 

 

$

2,739

 

 

The Company recognized $385 and $1,879 and $679 and $2,094 of depreciation expense for the three and nine months ended September 30, 2023 and 2022, respectively.

 

In connection with the Agreement and Plan of Merger with Korro Bio, Inc., the Company classified certain lab equipment as held for sale in September 2023. The carrying value of the lab equipment at September 30, 2023 has been removed from property and equipment, net and is presented as assets held for sale of $354 within current assets on the consolidated balance sheets. The Company anticipates the items classified as held for sale to be disposed of in October 2023.