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PROPERTY AND EQUIPMENT, NET
 3 Months Ended
Mar. 31, 2022
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 follow:

 

(in thousands)  Useful lives (years)  March 31,
2022		   December 31,
2021		 
Laboratory equipment  5  $9,138   $9,081 
Furniture, software and office equipment  3 to 5   1,908    1,896 
Leasehold improvements  Shorter of remaining lease term or useful life   8,603    8,603 
Construction-in-progress      3,252    3,219 
Subtotal      22,901    22,799 
Less: accumulated depreciation      (11,241)   (10,460)
Less: construction-in-progress impairment      (3,252)   - 
Property and equipment, net     $8,408   $12,339 

 

Depreciation expense was $0.8 million for the three months ended March 31, 2022 and 2021, respectively.

 

On March 31, 2022, the Company announced that we were pursuing a strategic partner to take over development activities of ABO-102 and that we were discontinuing development of ABO-101. As a result of this shift in priorities, the Company determined the construction-in-progress which was dedicated to the ABO-101 and ABO-102 programs, had no future value and thus, we recorded an impairment charge of $3.3 million for the three months ended March 31, 2022.