Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

7. Property and Equipment

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


	Estimated Useful Life (Years)		December 31, 2024			December 31, 2023
Land		—	$	875		$	875
Buildings	39-40			17,389			17,389
Building improvements(1)	5-40			90,813			46,357
Machinery and equipment	3-15			64,879			60,410
Furniture, fixtures and office equipment	5-10			3,122			3,070
Computer equipment and software		3		8,814			8,658
Construction in progress(1)		—		6,149			48,997
Total property and equipment				192,041			185,756
Less accumulated depreciation				(106,676	)		(101,536	)
Total property and equipment, net			$	85,365		$	84,220

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(2)

During the year ended December 31, 2024, the Company transferred $43.5 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 for the years ended December 31, 2024, 2023 and 2022 was $7.3 million, $4.5 million and $3.3 million, respectively. During the years ended December 31, 2024 and 2023, the Company retired $2.2 million and $2.1 million, respectively of manufacturing equipment, computer hardware and software, computer equipment, lab equipment, and building improvements, as it was no longer in service. The net book value for the disposed assets during the years ended December 31, 2024 and 2023 was $0.1 million and $0.6 million, respectively.