Note 6: Property and Equipment, net

The Company has property and equipment as follows (in thousands):

During the three months ended September 30, 2024 and September 30, 2023, the Company recorded depreciation expense of $0.1 million and $0.1 million, respectively. During the nine months ended September 30, 2024 and September 30, 2023, the Company recorded depreciation expense of $0.3 million and $0.3 million, respectively.

The Company did not incur any impairment charges on its property and equipment during the three and nine months ended September 30, 2024.

Due to a lease termination effective August 1, 2023, $0.1 million of property and equipment was written down to zero and recorded in loss on lease termination within Other Income (Expense), net on the condensed consolidated statement of operations during the three and nine months ended September 30, 2023. In addition, during the first quarter of 2023, due to changes in the Company's estimated undiscounted future cash flows, a reassessment of its long-lived assets was performed. As a result, the carrying value of one of the Company's asset group’s property and equipment assets were written down to zero and an Impairment of Property and Equipment of $0.1 million was recorded within Operating Expenses in the condensed consolidated statement of operations.