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

 

7) Property and Equipment

 

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

 

   2024   2023 
   As of December 31, 
   2024   2023 
         
Laboratory and manufacturing equipment  $28   $40 
Furniture and fixtures   19    19 
Leasehold improvements   -    274 
Computer equipment and programs   210    274 
Property and equipment, gross   257    607 
Less accumulated depreciation and amortization   (172)   (114)
Property and equipment, net  $85   $493 

 

During the year ended December 31, 2024, the Company recognized a loss on disposal of assets of approximately $0.5 million in connection with the sublease termination agreement related to the Somerville, Massachusetts lease, which is recorded as part of the gain on lease termination on the accompanying consolidated statement of operations for the year ended December 31, 2024 (See Note 8 for more details on the sublease termination agreement). During the year ended December 31, 2023, the Company recognized a de minimis loss on disposal of fixed assets.

 

Depreciation expense was approximately $0.1 million for each of the years ended December 31, 2024 and 2023. No depreciation expense is recorded on fixed assets in process until such time as the assets are completed and are placed into service.