In 2024, the Company purchased buildings located in the metropolitan areas of Houston, TX, Chicago, IL, and Los Angeles, CA, which it intends to use to manufacture its product candidates upon completion of modifications and installation of equipment. Also in 2024, the Company entered into a Master Equipment and Services Agreement (MESA) and statements of work (SOWs) thereunder with Comecer SpA (Comecer), pursuant to which the Company agreed to purchase from Comecer manufacturing equipment for the production of the Company’s radiopharmaceutical product candidates including, but not limited to, isotope processing hot cells and production suites and related equipment (collectively, the Deliverables) and services for installation and validation of the Deliverables at several of the Company’s production facilities in the United States. The aggregate consideration for such equipment and services pursuant to the MESA and SOWs is approximately €49.0 million payable in cash, excluding certain incidental costs, such as taxes, customs and duties, local transport, insurance and rigging. The Company may also elect to purchase certain additional equipment and services pursuant to the SOWs. The MESA provides for the payment of certain amounts in installments over the course of the production, installation and validation of the Deliverables. For additional information related to these events, see Note 6, Property and Equipment, of the 2025 Form 10-K.

In 2025 and 2026, the Company entered into agreements with a general contractor pursuant to which the Company is committed to pay approximately $53.3 million. The agreements are for the general contractor to make building modifications at the Company’s facilities in the metropolitan areas of Chicago, IL, and Los Angeles, CA, and to prepare for the installation of some of the Comecer manufacturing equipment and associated clean rooms at those sites. The Company anticipates incurring additional spending with this general contractor, and actual costs may differ. The Company expects to complete construction at the Chicago-area site in early 2027 and at the Los Angeles-area site by the end of 2027.

The Company’s property and equipment consisted of the following (in thousands):


	June 30, 2026			December 31, 2025

Building	$	1,770		$	1,770
Land		917			917
Equipment		16,339			15,457
Leasehold improvements		3,897			3,864
Construction in progress1		93,342			60,793
Property and equipment		116,265			82,801
Less accumulated depreciation		(8,468	)		(6,204	)
Property and equipment, net	$	107,797		$	76,597

Property and equipment not placed in service are items that meet the capitalization threshold, or which management believes will meet the threshold at the time of completion and which have yet to be placed into service as of the date of the balance sheets and, therefore, no depreciation expense has been recognized.