Property and equipment at June 30, 2026 and December 31, 2025, are summarized as follows:

	June 30,		December 31,
(in thousands)	2026		2025
Machinery, furniture, and equipment	$	306	$	312
Leasehold improvements		215		222
		521		534
Less: accumulated depreciation		(147)		(117)
Total property and equipment, net	$	374	$	417

The Company recorded depreciation expense on property and equipment of $17 thousand and $15 thousand for the three months ended June 30, 2026 and 2025, respectively, which is included in general and administrative expenses in the unaudited condensed consolidated statements of operations. The Company recorded depreciation expense on property and equipment of $31 thousand and $28 thousand for the six months ended June 30, 2026 and 2025, respectively, which is included in general and administrative expenses in the unaudited condensed consolidated statements of operations.