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

Property And Equipment

v3.25.1
Property And Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment
4.
PROPERTY AND EQUIPMENT

Property and equipment, net, as of December 31, 2024 and 2023 were as follows (in thousands):

 

 

 

 

December 31,

 

 

Useful Lives

 

2024

 

 

2023

 

Office furniture and IT equipment

 

3 - 5 years

 

$

1,393

 

 

$

1,393

 

Tenant improvements

 

*

 

 

78

 

 

 

—

 

Machinery and equipment

 

7 years

 

 

283

 

 

 

37

 

Construction in progress

 

 

 

 

10

 

 

 

—

 

 

 

 

 

1,764

 

 

 

1,430

 

Less: accumulated depreciation

 

 

 

 

(1,364

)

 

 

(1,051

)

Translation adjustment

 

 

 

 

(1

)

 

 

—

 

 

 

 

$

399

 

 

$

379

 

 

* Tenant improvements are amortized over the lesser of the remaining term of the related lease or the estimated useful life of the tenant improvements.

Depreciation expense for the years ended December 31, 2024 and 2023 was $0.3 million and $0.2 million, respectively.