XML 24 R9.htm IDEA: XBRL DOCUMENT v3.23.2
PROPERTY AND EQUIPMENT, NET
 6 Months Ended
Jun. 30, 2023
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)  June 30, 2023   December 31, 2022 
            
Laboratory equipment  5  $7,276   $7,636 
Furniture, software and office equipment  3 to 5   991    1,379 
Leasehold improvements  Shorter of remaining lease term or useful life   8,603    8,605 
Subtotal      16,870    17,620 
Less: accumulated depreciation      (12,381)   (11,879)
Total property and equipment, net     $4,489   $5,741 

 

Depreciation expense was $0.6 million and $0.8 million for the three months ended June 30, 2023 and 2022, respectively, and $1.3 million and $1.6 million for the six months ended June 30, 2023 and 2022, respectively.

 

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 six months ended June 30, 2022.