Property and equipment, net, consisted of the following (in thousands):

 

 

December 31,
2025

 

 

December 31, 2024

 

Lab equipment

 

$

669

 

 

$

705

 

Leasehold improvements

 

 

1,090

 

 

 

1,090

 

Computer hardware and software

 

 

168

 

 

 

189

 

Furniture and fixtures

 

 

152

 

 

 

160

 

Property and equipment, gross

 

 

2,079

 

 

 

2,144

 

Less: accumulated depreciation and amortization

 

 

(1,461

)

 

 

(1,119

)

Property and equipment, net

 

$

618

 

 

$

1,025

 

Historical Timeline

Fiscal YearFiled
2025Mar 12, 2026Showing above
2024Mar 10, 2025
2023Mar 28, 2024
2022Mar 27, 2023
2021Mar 23, 2022

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.