Property and Equipment

12 Months Ended

Dec. 31, 2022

6)	Property and Equipment

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

	As of December 31,
	2022			2021
Laboratory and manufacturing equipment	$	28		$	258
Leasehold improvements		-			464
Computer equipment and programs		240			155
		268			877
Less accumulated depreciation and amortization		(32	)		(207	)
Property and equipment, net	$	236		$	670

During the year ended December 31, 2022, the Company consolidated its research and development activities in Cambridge, Massachusetts and entered into lease termination agreements for its Brooklyn, New York and San Diego, California facilities. (See Note 7 for more information on lease terminations.) As a result, the Company disposed of certain assets it would no longer use and recognized a loss on disposal of fixed assets of approximately $0.3 million, which was composed of $0.6 million in remaining net book value of such assets, offset by proceeds received from selling certain fixed assets for approximately $0.3 million.

Depreciation expense totaled $161,000 and $117,000 for the years ended December 31, 2022 and 2021, respectively. No depreciation expense is recorded on fixed assets in process until such time as the assets are completed and are placed into service.