Property and Equipment

12 Months Ended

Dec. 31, 2023

7)	Property and Equipment

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

	As of December 31,
	2023			2022

Laboratory and manufacturing equipment	$	40		$	28
Furniture and fixtures		19			-
Leasehold improvements		274			-
Computer equipment and programs		274			240
		607			268
Less accumulated depreciation and amortization		(114	)		(32	)
Property and equipment, net	$	493		$	236

During the year ended December 31, 2023, the Company recognized a de minimis loss on disposal of fixed assets. 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. 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 $0.1 million and $0.2 million for the years ended December 31, 2023 and 2022, respectively. No depreciation expense is recorded on fixed assets in process until such time as the assets are completed and are placed into service.