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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.