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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment consisted of the following (in thousands):

 

 

 

December 31,

 

 

 

2023

 

 

2022

 

Lab equipment

 

$

688

 

 

$

433

 

Office furniture, fixtures, and
   computer equipment

 

 

712

 

 

 

692

 

Leasehold improvement

 

 

4,322

 

 

 

4,296

 

Property and equipment, at cost

 

 

5,722

 

 

 

5,421

 

Less: accumulated depreciation

 

 

(2,334

)

 

 

(1,368

)

Property and equipment, net

 

$

3,388

 

 

$

4,053

 

 

Depreciation expense was $969,000 and $845,000 for the years ended December 31, 2023 and 2022, respectively.