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PROPERTY AND EQUIPMENT, NET
 9 Months Ended
Sep. 30, 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 follows (in thousands):

 

   Useful lives (years) 

September 30,

2022

  

December 31,

2021

 
            
Laboratory equipment  5  $8,144   $9,081 
Furniture, software and office equipment  3 to 5   1,726    1,896 
Leasehold improvements  Shorter of remaining lease term or useful life   8,586    8,603 
Construction-in-progress      —    3,219 
Subtotal      18,456    22,799 
Less: accumulated depreciation      (11,850)   (10,460)
Total property and equipment, net     $6,606   $12,339 

 

Depreciation expense was $0.8 million for the three months ended September 30, 2022 and 2021, respectively, and $2.3 million and $2.4 million for the nine months ended September 30, 2022 and 2021, respectively. During the three and nine months ended September 30, 2022, the Company incurred a loss on disposal of equipment of $16,000 and $0.1 million, respectively, which is reflected in other income (expense) in the condensed 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 of this shift in priorities, 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 nine months ended September 30, 2022.