Quarterly report [Sections 13 or 15(d)]

Property, Plant and Equipment, Net and Held for Sale

v3.25.1
Property, Plant and Equipment, Net and Held for Sale
3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment, Net and Held for Sale  
Property, Plant and Equipment, Net and Held for Sale

Note 4 – Property, Plant and Equipment, Net and Held for Sale

In February 2025, the Company terminated the lease of its Plantation Street Facility. The remaining lease liability of approximately $0.8 million was reversed, and the remaining leasehold improvements of approximately $0.3 million and right of use assets of approximately $0.1 million were written off, resulting in a net gain of $0.4 million recorded in research and development expense in the Unaudited Statements of Operations. In conjunction with the termination of the lease, the Company also completed the sale of the remaining equipment held for sale for approximately $1.2 million, which had been classified as held for sale at December 31, 2024.