v3.26.1
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT 5 – PROPERTY, PLANT AND EQUIPMENT
The Company's major classes of property, plant and equipment are as follows:
As of December 31,
(in thousands)20252024
Construction in progress, net$— $1,029 
Computers, office equipment and hardware42 34 
Furniture and fixtures47 47 
Machinery and equipment44 44 
Property, plant and equipment133 1,154 
Less: accumulated depreciation71 58 
Property, plant and equipment, net$62 $1,096 

For the year ended December 31, 2025, the Company recorded an impairment for the full value of its CIP assets. Prior to the impairment, the Company's CIP assets were comprised of capitalized development costs (which include costs associated with the FEED study) related to the Permian Basin Project, net of costs reimbursable by Cottonmouth in accordance with the JDA. See Notes 4, 7 and 14 for further information.
Depreciation expense was $16 and $13 for the years ended December 31, 2025 and 2024, respectively. Depreciation expense of $14 and $2 is included in general and administrative and research and development expense, respectively, for the year ended December 31, 2025. Depreciation expense of $10 and $3 is included in general and administrative and research and development expense, respectively, for the year ended December 31, 2024.