Annual report pursuant to Section 13 and 15(d)

OTHER BALANCE SHEET COMPONENTS

v3.24.0.1
OTHER BALANCE SHEET COMPONENTS
12 Months Ended
Dec. 31, 2023
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,

 

    

2023

    

2022

 

Laboratory equipment

$

1,470

$

7,435

Computer and software

 

363

 

2,048

Leasehold improvements, furniture and equipment

2,107

Others

 

36

 

74

Total property and equipment

1,869

11,664

Less accumulated depreciation and amortization

 

(1,704)

 

(10,807)

Property and equipment, net

$

165

$

857

Depreciation and amortization expense was $0.2 million, $0.9 million and $1.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Certain property and equipment were either sold, retired or disposed of, which related costs and accumulated depreciation were removed from the balance sheet, and any resulting gain or loss were reflected in statements of operations in the period realized.

Intangible asset

Intangible asset consist of the following (in thousands):

As of December 31,

    

2023

    

2022

Intangible asset cost

$

15,000

$

15,000

Accumulated amortization

 

(1,122)

 

(51)

Intangible asset, net

$

13,878

$

14,949

Intangible asset pertain to amortized cost of capitalized milestone payment to Forma, incurred upon and after regulatory approval of an acquired product. See “Note 4 - Sponsored Research and License Agreements and Government Contracts” for related discussions. Such cost is being amortized on a straight-line basis over the estimated useful life of approximately 14 years.

Amortization expense recorded within cost of sales in the statements of operations were $1.1 million and $0.1 million for the years ended December 31, 2023 and 2022, respectively.

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

For the year ending December 31,

2024

$

1,071

2025

1,071

2026

1,071

2027

1,071

2028

1,071

Thereafter

8,523

$

13,878

Other accrued liabilities

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

As of December 31,

2023

    

2022

Accrued commercial expenses

$

1,852

$

3,144

Accrued other expenses

3,482

3,341

Total other accrued liabilities

$

5,334

$

6,485