Property and Equipment

6 Months Ended

Jun. 30, 2024

Property Plant And Equipment [Abstract]

5. Property and Equipment

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


	Estimated Useful
	Life (Years)		June 30, 2024			December 31, 2023
Land		—	$	875		$	875
Buildings	39-40			17,389			17,389
Building improvements(1)	5-40			89,886			46,357
Machinery and equipment	3-15			64,983			60,410
Furniture, fixtures and office equipment	5-10			3,070			3,070
Computer equipment and software		3		8,677			8,658
Construction in progress(1)		—		4,799			48,997
Total property and equipment				189,679			185,756
Less accumulated depreciation				(104,535	)		(101,536	)
Total property and equipment, net			$	85,144		$	84,220

___________________________

(1)

During the six months ended June 30, 2024, the Company transferred $43.4 million from construction in progress to building improvements for assets placed in service related to the expansion of the Company's manufacturing facility.

Depreciation expense related to property and equipment was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Depreciation Expense	$	1,711	$	1,095	$	3,052	$	2,133

During each of the three and six months ended June 30, 2024, the Company retired $0.1 million of manufacturing equipment as it was no longer in service. The net book value for the disposed assets was de minimis. There were no asset retirements during the three and six months ended June 30, 2023.