Annual report [Section 13 and 15(d), not S-K Item 405]

PROPERTY AND EQUIPMENT, NET

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PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 4 – PROPERTY AND EQUIPMENT, NET

 

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

 

    December 31,
2024		     December 31,
2023		  
    (in thousands)  
Property and equipment, net:                
Land   $ 8,011     $ 8,011  
Land improvements     305       326  
Buildings     24,504       66,749  
Office furniture and equipment     1,371       2,366  
Laboratory equipment     12,124       21,904  
Leasehold improvements     34       34  
Property and equipment gross     46,349       99,390  
Less: Accumulated depreciation and amortization     (4,097 )     (5,362 )
Property and equipment, net   $ 42,252     $ 94,028  

 

 During the second quarter of 2024, primarily as a result of the Company’s decision to decommission its ADC facility in Dartmouth, Massachusetts, the Company recognized a non-cash impairment charge of $48.8 million, which is reflected in asset impairment charges in the consolidated statements of operations for the year ended December 31, 2024. The 45,000 square foot facility was purchased on September 28, 2020, for $4.0 million and incurred approximately $61.6 million to the build-out of the facility.