The composition of plant and equipment, net is as follows (in thousands):


		As of
	Useful Lives	March 31, 2026			December 31, 2025
Computer equipment	3 - 5 years	$	1,885		$	1,867
Computer software	3 years		923			923
Construction in progress (“CIP”)			3			17
Furniture and fixtures	7 years		1,221			1,221
Laboratory and other equipment	3 - 5 years		1,290			1,247
Leasehold improvements	Lesser of life or lease term		4,882			4,882
RECELL molds	5 years		606			606
RECELL GO RPD CIP			916			999
RECELL GO RPD			368			343
Operating lease assets - RPD	200 uses		1,640			1,630
Less: accumulated amortization and depreciation			(5,523	)		(5,105	)
Total plant and equipment, net		$	8,211		$	8,630

RECELL GO RPD CIP consists of materials for the manufacture of the RPDs. RPDs have a useful life of 200 uses and are being amortized based on customer usage as determined by orders placed for the sales of the RPKs. RECELL GO RPD represents assets available to be leased by customers and are not depreciated until leased.

Depreciation expense related to plant and equipment was $400,000 and $385,000 for the three-months ended March 31, 2026 and 2025, respectively. No impairment was recorded for the three-months ended March 31, 2026 and 2025.

As discussed in Note 5 to the Consolidated Financial Statements, the contracts for the RECELL GO device include an operating lease for the customer’s right to use the RPD. The lease arrangement does not contain fixed consideration. Variable lease payments are not included in the calculation of consideration at lease inception. The variable consideration related to the lease is allocated based on the SSP and is recognized when control of the RPKs is transferred to the customer.

Assets held for lease and included in Plant and equipment consisted of the following (in thousands):


	As of
	March 31, 2026			December 31, 2025
Rental RPD assets	$	1,640		$	1,630
Accumulated depreciation		(119	)		(98	)
Net rental RPD assets	$	1,521		$	1,532