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6. Property and Equipment, Net

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Property and equipment, net, consists of the following:

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In connection with the Company’s January 2025 announcement to reduce its overall workforce by 55% and cease its lab operations in Hopewell, New Jersey, management implemented plans to sell substantially all the laboratory equipment and certain other assets and estimated the fair value of the assets based on the estimated future cash flows from the sale of such assets. Subsequent to recording the impairment of $2.6 million, the Company entered into a sales agreement for $1.2 million for substantially all of the laboratory equipment and certain other assets. As a result, the Company did not record any depreciation on the impaired and disposed laboratory equipment during the three and six months ended June 30, 2025 as the equipment was considered held-for-sale in January 2025. Neither laboratory equipment nor accumulated depreciation related to such equipment are recorded on the balance sheet as of June 30, 2025.

Depreciation and amortization expense was $0.2 million and $0.8 million for the three months ended June 30, 2025 and 2024, respectively.

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Depreciation and amortization expense was $0.4 million and $1.6 million for the six months ended June 30, 2025 and 2024, respectively.