| Property and Equipment, Net |
Property and Equipment, Net Property and equipment, net consist of the following as of the periods presented: | | | | | | | | | | | | | (in thousands) | June 30,
2025 | | December 31,
2024 | | Land | $ | 731 | | | $ | 731 | | | Building | 60,679 | | | 60,679 | | | Leasehold improvements | 17,977 | | | 17,977 | | | Processing equipment | 14,457 | | | 13,950 | | | Furniture and equipment | 10,798 | | | 9,583 | | | Projects in process | 857 | | | 1,499 | | | Finance lease right-of-use assets | 159 | | | 159 | | | Property and equipment, at cost | 105,658 | | | 104,578 | | Less: accumulated depreciation | (23,266) | | | (19,911) | | | Property and equipment, net | $ | 82,392 | | | $ | 84,667 | |
Depreciation expense is as follows for the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in thousands) | 2025 | | 2024 | | 2025 | | 2024 | | Depreciation expense | $ | 1,657 | | | $ | 1,657 | | | $ | 3,385 | | | $ | 3,177 | |
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