Note 7 - Property and Equipment

12 Months Ended

Dec. 31, 2025

Notes To Financial Statements [Abstract]

In 2024, the Company purchased buildings in the metropolitan areas of Houston, TX, Chicago, IL, and Los Angeles, CA, which it intends to use for the manufacture of its product candidates upon completion of modifications and installation of equipment. Also in 2024, the Company entered into a Master Equipment and Services Agreement (MESA) and statements of work (SOWs) thereunder with Comecer SpA (Comecer), pursuant to which the Company agreed to purchase from Comecer manufacturing equipment for the production of the Company’s radiopharmaceutical products including, but not limited to, isotope processing hot cells and production suites and related equipment (collectively, the Deliverables) and services for installation and validation of the Deliverables at several of the Company’s production facilities in the United States. The aggregate consideration for such equipment and services pursuant to the MESA and SOWs is approximately €49.0 million payable in cash, excluding certain incidental costs such as taxes, customs and duties, local transport, insurance and rigging. The Company may also elect to purchase certain additional equipment and services pursuant to the SOWs. The MESA provides for the payment of certain amounts in installments over the course of the production, installation and validation of the Deliverables.

In October 2025, the Company entered into an agreement with a general contractor to begin building modifications at the Company’s facility in the Chicago, IL, metropolitan area along with preparations for the eventual installation of some of the Comecer manufacturing equipment and associated clean rooms. The Company currently estimates that the aggregate cost of these modifications will be approximately $27.5 million. However, actual costs may differ.

The Company’s property and equipment consisted of the following (in thousands):


	December 31, 2025			December 31, 2024
Building	$	1,770		$	1,770
Land		917			917
Equipment		15,457			11,423
Leasehold improvements		3,864			3,570
Construction in progress1		60,793			42,601
Property and equipment		82,801			60,281
Less accumulated depreciation		(6,204	)		(2,960	)
Property and equipment, net	$	76,597		$	57,321

Property and equipment not placed in service are items that meet the capitalization threshold, or which management believes will meet the threshold at the time of completion and which have yet to be placed into service as of the date of the balance sheets and, therefore, no depreciation expense has been recognized.