Property and equipment consist of the following as of December 31, 2025 and 2024:
(In thousands)20252024
Property and equipment
Leasehold improvements$3,507 $3,527 
Furniture and computer equipment265 267 
Manufacturing and other equipment4,607 3,919 
Construction in-progress11,268 2,419 
Subtotal19,647 10,132 
Less: Accumulated depreciation(4,934)(4,158)
Property and equipment, net$14,713 $5,974 

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Mar 3, 2025
2023Feb 29, 2024

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.