Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets as shown below.
Production equipment
4 to 7 years
Lab equipment4 years
Furniture, fixtures and other equipment
3 to 5 years
Leasehold improvementsLesser of their useful lives or the term of the lease
Property, plant and equipment, net consisted of the following (in thousands):
December 31,
20252024
Production equipment$2,839 $7,474 
Lab equipment1,032 1,921 
Leasehold improvements11,163 11,555 
Furniture, fixtures and other equipment219 300 
Construction in progress4,340 8,219 
Property, plant and equipment, at cost19,593 29,469 
Less: accumulated depreciation and amortization(9,913)(11,988)
Property, plant and equipment, net$9,680 $17,481 

Historical Timeline

Fiscal YearFiled
2025Mar 6, 2026Showing above
2024Mar 20, 2025
2023Mar 28, 2024
2022Mar 30, 2023

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.