Quarterly report [Sections 13 or 15(d)]

Leasehold Improvements and Equipment

v3.26.1
Leasehold Improvements and Equipment
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Leasehold Improvements and Equipment

Note 6 – Leasehold Improvements and Equipment

 

Leasehold improvements and equipment, summarized by major category, consist of the following as of June 30, 2026 and December 31, 2025:

 

   

June 30,

2026

    

December 31,

2025

  
Leasehold improvements   $ —     $ 166  
Total     —       166  
                 
Less: accumulated depreciation and amortization     —       28  
Leasehold improvements and equipment, net   $ —     $ 138  

 

The Company’s leasehold improvements were written down to salvage value at December 31, 2025. As a result, no depreciation expense was incurred during the six months ended June 30, 2026. Depreciation and amortization expense for the six months ended June 30, 2025 was $30. On April 7, 2026, the Company’s operating lease for its Bridgewater facility was terminated. As a result of the lease termination, all remaining leasehold improvements associated with the leased premises were abandoned as of the termination date. Accordingly, the Company wrote off the related leasehold improvements and recognized a loss of $138. See Note 8 for additional information.