Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

In November 2023, the Company terminated its primary lease and began moving equipment from its facility to be sold. The Company considered the criteria to classify the property and equipment as held for sale under ASC 360—Property, plant and equipment (Topic 360). Assets shall be classified as held for sale in the period in which all of the following criteria are met: a) Management commits to a plan to sell the entity to be sold. b) The assets to be sold are available for immediate sale in its present condition. c) An active program to locate a buyer or buyers is in place. d) The sale is probable, and is expected to be completed within one year. e) The assets to be sold being actively marketed for sale at a price that is reasonable in relation to its current fair value. f) Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company determined that all these criteria as of December 31, 2023 were met for certain categories of the property and equipment, specifically certain computers and laboratory equipment. Accordingly, the computers and laboratory equipment being sold were classified as current assets held for sale at December 31, 2023. See Note 7 for discussion on the Assets Held for Sale.

Property and equipment consist of the following at December 31, 2023 and 2022:


	2023		2022
Laboratory equipment	$	2,668,280	$	6,803,996
Computer equipment and software	202,963		516,974
Furniture and fixtures	—		47,877
Leasehold improvements	36,459		319,816
	2,907,702		7,688,663
Less accumulated depreciation and amortization	(1,554,801)		(3,229,592)
Property and equipment, net	$	1,352,901	$	4,459,071

Depreciation and amortization expense was $1.0 million for both years ended December 31, 2023 and 2022, respectively.

NexImmune, Inc. 10-K