Property and equipment, net consisted of the following (in thousands):


	June 30, 2025			December 31, 2024
Software and computer equipment		291			291
Furniture and fixtures		32			32
Leasehold improvements		1,584			1,584
Property and equipment, gross		1,907			1,907
Less: accumulated depreciation and amortization		(1,895	)		(1,866	)
Property and equipment, net	$	12		$	41

Depreciation expense was $15,000 and $28,000 for the three and six months ended June 30, 2025, respectively. Depreciation expense was $17,000 and $48,000 for the three and six months ended June 30, 2024, respectively.

During the first quarter of 2024, the Company recorded an impairment of $36,000 related to Archipelago property and equipment held for sale. During the second quarter of 2024, all Archipelago property and equipment previously held for sale were sold.