Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

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Property, Plant and Equipment
3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment  
Property, Plant and Equipment

Note 5 – Property, Plant and Equipment

At March 31, 2024, and December 31, 2023, property, plant and equipment consisted of the following:

    

Estimated Useful

    

March 31, 

    

December 31, 

($ in thousands)

Life (in years)

2024

2023

Leasehold improvements

 

9

 

7,694

 

7,694

Construction in process

 

N/A

 

29

 

29

Total property, plant and equipment

 

7,723

 

7,723

Less: accumulated depreciation

 

(4,761)

 

(4,476)

Property, plant and equipment, net

$

2,962

$

3,247

Depreciation expense for the three months ended March 31, 2024 and 2023, was approximately $0.3 million and $0.8 million, respectively, and was recorded in research and development expense in the Unaudited Statements of Operations.