| PROPERTY AND EQUIPMENT, NET |
NOTE 8. PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following (in thousands): | | | | | | | | | March 31, | | December 31, | | | 2025 | | 2024 | Leasehold improvements | | $ | 67,375 | | $ | 67,375 | Lab, process, and validation equipment | | | 25,423 | | | 25,477 | Utility equipment | | | 5,990 | | | 5,990 | Office furniture and equipment | | | 1,998 | | | 1,998 | Computer software | | | 8,512 | | | 8,512 | Computer equipment | | | 448 | | | 448 | Machinery and equipment | | | 363 | | | 363 | Construction in progress | | | 40,238 | | | 34,938 | Total property and equipment, cost | | $ | 150,347 | | $ | 145,101 | Less: Accumulated depreciation and amortization | | | (38,763) | | | (36,020) | Property and equipment, net | | $ | 111,584 | | $ | 109,081 |
Depreciation and amortization expense for the three months ended March 31, 2025 and 2024, was $2.8 million and $3.0 million, respectively.
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