Molecular Templates, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Property and Equipment

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property Plant And Equipment [Abstract]

Property and Equipment

NOTE 5—PROPERTY AND EQUIPMENT

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


	December 31,
	2023		2022
Laboratory equipment	$	20,695	$	21,831
Leasehold improvements		12,974		12,971
Furniture and fixtures		518		518
Computer and equipment		254		658
		34,441		35,978
Less: Accumulated depreciation		(27,048)		(21,346)
Total property and equipment, net	$	7,393	$	14,632

Depreciation expense was $6.7 million and $7.7 million for the years ended December 31, 2023 and 2022, respectively.

In connection with the continued expansion of the Company’s facilities, as of December 31, 2023 and 2022, the Company had net Asset Retirement Obligation (“ARO”) assets totaling $0.2 million and $0.3 million, respectively. The ARO assets are included in Leasehold improvements. For the years ended December 31, 2023 and 2022, the Company recorded a non-cash adjustment related to the ARO assets of zero and $0.2 million, respectively. See Note 9, “Leases” for further discussion.