v3.26.1
Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant, and equipment consisted of the following as of:
(in thousands)March 31, 2026December 31, 2025
Land$56 $56 
Land improvements and infrastructure13,060 13,281 
Closure manufacturing equipment8,272 4,149 
Manufacturing equipment and pilot plant28,489 28,890 
Computer equipment and software2,165 2,268 
Lab equipment4,002 3,637 
Furniture, fixtures, and machinery383 389 
Leasehold improvements4,766 4,766 
Total61,193 57,436 
Less accumulated depreciation and amortization(29,406)(28,654)
Construction in process47,939 44,070 
Total property, plant, and equipment, net$79,726 $72,852 
The depreciation and amortization expense totaled $1.2 million and $2.7 million during the three months ended March 31, 2026 and 2025, respectively.
During the three months ended March 31, 2026, the Company incurred an additional $3.2 million for equipment purchased for the closure business that was financed through the Note (see Note 7 for additional details), which was included in construction in process.
As of March 31, 2026, the land purchased in Geismar, Louisiana in 2022 met the criteria to be presented as asset held for sale. It is the Company’s intention to complete the sale of the land within the next 12 months. The carrying value of $9.1
million, classified as land held for sale, was included in total current assets in the unaudited condensed consolidated balance sheets.
Capitalized interest costs are included in property, plant and equipment, net and are depreciated over the useful life of the related asset. Capitalized interest was $0.9 million and zero for the three months ended March 31, 2026 and 2025, respectively.