Prepaid and Other Assets

 

Prepaid and other assets consist of the following as of (in thousands):

Property and Equipment, net

 

Property and equipment held for use by category are presented in the following table as of (in thousands):

Depreciation expense was $1,000 during each of the three months ended September 30, 2023 and 2022. Depreciation expense was $3,000 during each of the nine months ended September 30, 2023 and 2022.

Accrued Expenses

 

Accrued expenses consist of the following as of (in thousands):

 

On April 19, 2023, the Company terminated the employment of Mina Sooch, the President and Chief Executive Officer of the Company.

Short-Term Loan

The Company entered into an unsecured short-term loan (the “Loan”) agreement in the amount of $0.6 million in November 2021 related to financing an insurance policy. The Loan was payable in six monthly installments of $108,000 beginning in December 2021. The Loan had an annual interest rate of 5.5% per annum.  Interest expense in the amount of $9,000 was recognized in connection with the Loan during the nine months ended September 30, 2022. No interest expense under the Loan was recognized during the three and nine months ended September 30, 2023.