Annual report pursuant to Section 13 and 15(d)

OTHER BALANCE SHEET COMPONENTS

v3.22.4
OTHER BALANCE SHEET COMPONENTS
12 Months Ended
Dec. 31, 2022
OTHER BALANCE SHEET COMPONENTS  
OTHER BALANCE SHEET COMPONENTS

9. OTHER BALANCE SHEET COMPONENTS

Property and equipment

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

As of December 31,

 

    

2022

    

2021

 

Laboratory equipment

$

7,435

$

12,154

Computer and software

 

2,048

 

1,783

Furniture and equipment

2,107

2,107

Fixed assets in progress

 

74

 

691

Total property and equipment

11,664

16,735

Less accumulated depreciation and amortization

 

(10,807)

 

(14,551)

Property and equipment, net

$

857

$

2,184

Total depreciation and amortization expense was $0.9 million, $1.2 million and $0.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. During the year ended December 31, 2022, we wrote down certain property and equipment amounting to $0.7 million associated with our leased facility which expired in January 2023, and recognized such amount within selling, general and administrative expense.

Intangible asset

Intangible asset pertain to amortized cost of capitalized milestone payment obligations to Forma, incurred upon and after regulatory approval of an acquired product. See “Note 4 - Sponsored Research and License Agreements and Government Contract” for related discussions. Such costs are being amortized on a straight-line basis over the estimated useful life of approximately 14 years. For the year ended December 31, 2022, we recorded amortization expense of approximately $0.1 million, which was included within cost of sales in the statements of operations.

The following table presents the estimated future amortization expense of intangible asset (in thousands):

For the year ending December 31,

2023

$

1,071

2024

1,071

2025

1,071

2026

1,071

2027

1,071

Thereafter

9,594

$

14,949

Other accrued liabilities

Other accrued liabilities consist of the following (in thousands):

As of December 31,

2022

    

2021

Accrued commercial expenses

$

3,144

$

1,949

Accrued other expenses

3,341

2,827

Total other accrued liabilities

$

6,485

$

4,776