Property and Equipment

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

4. Property and Equipment

Property and equipment consist of the following at December 31, 2020 and 2019 (in thousands):

	December 31,
	2020			2019
Property and equipment:
Laboratory equipment	$	3,277		$	1,715
Computer software and equipment		650			595
Office furniture and fixtures		301			301
Leasehold improvements		317			317
Construction in progress		498			138
	$	5,043		$	3,066
Accumulated depreciation		(2,878	)		(2,829	)
Property and equipment, net	$	2,165		$	237

The Company recognized approximately $0.1 million and $27,000 of depreciation expense for the years ended December 31, 2020 and 2019, respectively.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:

		Estimated Useful Life
Laboratory equipment		5 years
Computer software and equipment		3 years
Office furniture and fixtures		7 years
Leasehold improvements		Shorter of useful life or remaining term of related lease

Costs for capital assets not yet placed into service are capitalized as construction in progress and are depreciated in accordance with the above guidelines once placed into service. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are eliminated from the balance sheet and related gains or losses are reflected in the consolidated statement of operations and comprehensive loss. Repairs and maintenance that do not improve or extend the lives of the respective assets are expensed as incurred, while costs of major additions and betterments are capitalized.