Note 6 – Leasehold Improvements and Equipment

Leasehold improvements and equipment, summarized by major category, consist of the following for the years ended December 31, 2025 and 2024:

 Schedule of Leasehold Improvements and Equipment

Depreciation and amortization expense for the years ended December 31, 2025 and 2024 was $32 and $365, respectively. During the year ended December 31, 2025, the Company recorded net asset write-offs of $2,082, including $2,064 of related accumulated depreciation.

Assets sales and disposals

On April 19, 2025, the Company initiated a process to sell certain unused laboratory equipment that was previously impaired and carried a net book value of $280. During the year end ended December 31, 2025, the Company sold all $280 of the equipment, generating proceeds of $335 resulting in a gain of $55. In addition, the Company incurred an $18 loss on the disposal of leasehold improvements.

Impairment of Long-Lived Assets

During the fourth quarter of 2024, the Company recorded in its consolidated statement of operations and comprehensive loss a $1,090 charge for an impairment loss associated with its leasehold improvements and equipment. The Company did not record an impairment charge during the year ended December 31, 2025.