Property and equipment, net consists of the following (in thousands):


	March 31, 2026			December 31, 2025
Equipment and materials	$	2,335		$	2,335
Computer equipment and software		4,809			3,760
Office furniture and fixtures		355			355
Leasehold improvements		1,879			2,708
Land		1,697			1,697
Construction-in-progress		66,345			42,839
Property and equipment at cost (1)		77,420			53,694
Accumulated depreciation		(4,039	)		(3,589	)
Property and equipment, net	$	73,381		$	50,105

__________

(1)

Net of reimbursement from the United States Government.

All of the Company’s property and equipment is located within the United States.