Annual report [Section 13 and 15(d), not S-K Item 405]

Property and Equipment, net

v3.25.1
Property and Equipment, net
12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

Note 5. Property and Equipment, net

Property and equipment consist of the following:

 

(in thousands)

 

December 31,
2024

 

 

December 31,
2023

 

Machinery and equipment

 

$

11,081

 

 

$

11,249

 

Leasehold improvements

 

 

12,490

 

 

 

12,613

 

Computer equipment

 

 

3,516

 

 

 

3,481

 

Furniture and fixtures

 

 

302

 

 

 

438

 

Computer software

 

 

252

 

 

 

242

 

Construction in process

 

 

37

 

 

 

523

 

Property and equipment, gross

 

 

27,678

 

 

 

28,546

 

Less: Accumulated depreciation

 

 

(13,224

)

 

 

(10,833

)

Property and equipment, net

 

$

14,454

 

 

$

17,713

 

 

Depreciation expense for property and equipment was $4.3 million and $4.2 million for the years ended December 31, 2024 and 2023, respectively. Disposal of property and equipment amounted to $1.5 million of fully depreciated assets for the year ended December 31, 2024 and $0.8 million for the year ended December 31, 2023. Losses on disposals of fixed assets were $0.4 million for the year ended December 31, 2024.