v3.26.1
Property and Equipment
 6 Months Ended
Jun. 30, 2026
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

8. PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following at June 30, 2026 and December 31, 2025:

 

    Depreciable
lives		   June 30,
2026		     December 31,
2025		  
Construction-in-process       $ 1,428,197     $ 1,279,173  
Manufacturing equipment   3-5 years     239,872       239,872  
Furniture, Fixtures and equipment   3-5 years     132,671       116,782  
Leasehold improvements   Shorter of useful life or life of lease     43,231       43,231  
          1,843,971       1,679,058  
Less: accumulated depreciation         (200,574 )     (144,617 )
Property and equipment, net       $ 1,643,397     $ 1,534,441  

 

The Company reviews long-lived assets for impairment when events, expectations, or changes in circumstances indicate that the asset’s carrying value may not be recoverable. During the year ended December 31, 2025, the Company made the decision to close its internal lab and transferred the related fixed assets with a net book value of $62,376 to a third party to be marketed and sold. The Company wrote-off $9,549 of lab equipment and recognized an impairment charge of $26,706, both of which are included in research and development expenses. During the six months ended June 30, 2026, the Company returned assets held for sale of $3,150, which is recorded as Furniture, fixtures and equipment in the Company’s balance sheets, and wrote-off an additional $2,880 of assets held for sale.

 

Construction in process consists of symphony cartridge manufacturing equipment. The Company expects to place the remaining construction-in-process into service in 2026 to support its SYMON II clinical study. The Company has $1,105,440 of construction in process and $179,904 of manufacturing equipment held and operated by Sanyoseiko Co. LTD, its contract manufacturing organization in Japan.