Property and equipment net
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and equipment net
9. Property and equipment, net
Property and equipment, net consists of the following:
 
As of December 31,
  
2020
   
2019
 
   (in thousands) 
Capitalized software
  $693   $—   
Leasehold improvements
   3,088    3,088 
Office furniture and fixtures
   29    29 
Equipment
   104    104 
  
 
 
   
 
 
 
Property and equipment, gross
   3,914    3,221 
Less: accumulated depreciation and amortization
   (1,836)    (1,281) 
  
 
 
   
 
 
 
Property and equipment, net
  $2,078   $1,940 
  
 
 
   
 
 
 
Depreciation expense recorded by the Corporation was approximately $0.5 million and $0.6 million for the years ended December 31, 2020 and 2019, respectively. Amortization expense recorded by the Corporation was approximately $0.1 million and $0 million for the years ended December 31, 2020 and 2019, respectively.