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PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

6. PROPERTY AND EQUIPMENT:

Property and equipment, net consist of the following (in thousands):

 

 

 

September 30, 2025

 

 

December 31, 2024

 

Land

 

$

12,230

 

 

$

12,230

 

Building and improvements

 

 

164,327

 

 

 

131,288

 

Office and lab equipment

 

 

175,829

 

 

 

159,448

 

Furniture, fixtures and computer related assets

 

 

16,640

 

 

 

16,858

 

Construction-in-progress

 

 

22,656

 

 

 

45,292

 

 

 

 

391,682

 

 

 

365,116

 

Less: Accumulated depreciation

 

 

(181,880

)

 

 

(169,877

)

Property and equipment, net

 

$

209,802

 

 

$

195,239

 

Depreciation expense was $7.5 million and $6.4 million for the three months ended September 30, 2025 and 2024, respectively, and $20.9 million and $19.5 million for the nine months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025, the Company disposed of $7.0 million of property and equipment, which was impaired on December 31, 2024 in connection with the closure of the OVJP Corp facility in California.