PROPERTY AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

The Company’s property and equipment, net, at March 31, 2026 and December 31, 2025 was comprised of the following (in thousands):


	March 31, 2026		December 31, 2025
Land	$	6,151	$	6,151
Buildings and building improvements	56,770		56,770
Tenant improvements	30,980		30,980
Furniture and fixtures	2,208		2,208
Machinery and equipment	19,889		19,843
Construction in progress	900		565
	116,898		116,517
Less: accumulated depreciation	(28,844)		(27,132)
Property and equipment, net	$	88,054	$	89,385

The Company recorded depreciation expense related to property and equipment of $2.2 million and $1.8 million in the three months ended March 31, 2026 and 2025, respectively.

The Company did not dispose of any property and equipment during the three months ended March 31, 2026.