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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 4 – 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):

 

   Useful lives (years)  2024   2023 
      As of December 31, 
   Useful lives (years)  2024   2023 
            
Laboratory equipment  5  $8,868   $6,935 
Furniture, software and office equipment  3 to 5   1,113    986 
Leasehold improvements  Shorter of remaining lease term or useful life   8,805    8,603 
Construction-in-progress      624    — 
Subtotal      19,410    16,524 
Less: accumulated depreciation      (14,980)   (12,991)
Total property and equipment, net     $4,430   $3,533 

 

Depreciation and amortization on property and equipment was $2.0 million and $2.3 million for the years ended December 31, 2024 and 2023, respectively. The Company incurred a gain on disposal of equipment of $2,000 and a loss on disposal of $47,000 during the years ended December 31, 2024 and 2023, respectively, which is reflected in other income in the consolidated statements of operations and comprehensive loss.