v3.25.2
Property, Plant and Equipment, Net
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment, Net [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, net

6. PROPERTY, PLANT AND EQUIPMENT, net

 

Property, plant and equipment consisted of the following:

 

   Estimated Useful Lives
(in years)		  As of
June 30,
2025		   As of
December 31,
2024		 
Laboratory and manufacturing equipment  3-10  $21,710,507   $21,234,259 
Buildings and improvements  10-39   21,309,272    20,889,395 
Office furniture and equipment  3-10   1,018,050    1,056,145 
Construction in progress 
n/a
   2,595,063    2,693,904 
Land 
n/a
   516,867    516,867 
Property, plant and equipment, gross      47,149,759    46,390,570 
Accumulated depreciation      (22,266,761)   (21,041,551)
Property, plant and equipment, net     $24,882,998   $25,349,019 

 

As of June 30, 2025 and December 31, 2024, construction in progress consisted principally of payments toward the First Defense® production capacity expansion project and equipment needed to bring the formulation and aseptic filling for Re-Tain® in-house. The costs associated with property, plant and equipment disposals were $99,918 and $71,162 during the three-month periods ended June 30, 2025 and 2024, respectively and $136,405 and $71,162 during the six-month periods ended June 30, 2025 and 2024, respectively. Depreciation expense was $663,455 and $666,182 during the three-month periods ended June 30, 2025 and 2024, respectively, and $1,334,646 and $1,328,659 during the six-month periods ended June 30, 2025 and 2024, respectively.