v3.25.2
Note 5 - Property and Equipment
6 Months Ended
Jun. 30, 2025
Notes To Financial Statements [Abstract]  
Property and Equipment
5.
Property and Equipment

In 2024, the Company purchased buildings located in the metropolitan areas of Houston, TX, Chicago, IL, and Los Angeles, CA, which it intends to use to manufacture its program candidates upon completion of modifications and installation of equipment. Also in 2024, the Company entered into a Master Equipment and Services Agreement (MESA) and statements of work (SOWs) thereunder with Comecer SpA (Comecer), pursuant to which the Company agreed to purchase from Comecer manufacturing equipment for the production of the Company’s radiopharmaceutical product candidates including, but not limited to, isotope processing hot cells and production suites and related equipment (collectively, the Deliverables) and services for installation and validation of the Deliverables at several of the Company’s production facilities in the United States. The aggregate consideration for such equipment and services pursuant to the MESA and SOWs is approximately €49.0 million payable in cash, excluding certain incidental costs, such as taxes, customs and duties, local transport, insurance and rigging. We may also elect to purchase certain additional equipment and services pursuant to the SOWs. The MESA provides for the payment of certain amounts in installments over the course of the production, installation and validation of the Deliverables. For additional information related to these 2024 events, see Note 7, Property and Equipment, of the 2024 Form 10-K.

 

The Company’s property and equipment consisted of the following (in thousands):

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

 

 

Building

 

$

1,770

 

 

$

1,770

 

Land

 

 

917

 

 

 

917

 

Equipment

 

 

12,510

 

 

 

11,423

 

Leasehold improvements

 

 

3,833

 

 

 

3,570

 

Construction in progress1

 

 

47,991

 

 

 

42,601

 

Property and equipment

 

 

67,021

 

 

 

60,281

 

Less accumulated depreciation

 

 

(4,422

)

 

 

(2,960

)

Property and equipment, net

 

$

62,599

 

 

$

57,321

 

1.
Property and equipment not placed in service are items that meet the capitalization threshold, or which management believes will meet the threshold at the time of completion and which have yet to be placed into service as of the date of the balance sheets and, therefore, no depreciation expense has been recognized.