NOTE F – Leasehold improvements and equipment

Leasehold improvements and equipment, summarized by major category, consist of the following ($ in thousands) for the nine months ended September 30, 2017 and year ended December 31, 2016:

Depreciation and amortization expense for the three and nine months ended September 30, 2017 was approximately $31 thousand and $56 thousand, respectively. Depreciation and amortization expense for the three and nine months ended September 30, 2016 was approximately $15 thousand and $40 thousand, respectively.

On February 12, 2016, the Company entered in a new 36-month capital lease for lab equipment. On May 15, 2017, the Company entered into a second 36-month capital lease for lab equipment. The payments under the leases are accounted for as interest and payments under capital lease using 3-year amortization. During the three and nine months ended September 30, 2017 the Company recognized interest expense of approximately $823 and $2,873, respectively, associated with the lease payments.