PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2026

Note 7 — Property and equipment

Property and equipment at March 31, 2026 and December 31, 2025, are summarized as follows:

	March 31,		December 31,
(in thousands)	2026		2025
Machinery, furniture, and equipment	$	307	$	312
Leasehold improvements		216		222
		523		534
Less: accumulated depreciation		(131)		(117)
Total property and equipment, net	$	392	$	417

The Company recorded depreciation expense on property and equipment of $17 thousand and $13 thousand for the three months ended March 31, 2026 and 2025, respectively, which is included in general and administrative expenses in the condensed consolidated statements of operations.