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RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2025
RELATED PARTY TRANSACTIONS [Abstract]  
RELATED PARTY TRANSACTIONS
8.
RELATED PARTY TRANSACTIONS
 
The Company leases an office building and equipment from Areth, LLC (“Areth”) pursuant to an agreement for services effective as of January 1, 2016, as amended from time to time, and pays monthly rent on this facility in the amount of $10,000. Either party may terminate the agreement by providing the other party with one year’s prior written notice. Rent expense for the three months ended March 31, 2025 and 2024 amounted to $30,000. Areth is a company controlled by Dr. Jerrold B. Grossman, the Vice Chairman of the Board, and Adam S. Grossman, the Company’s President and Chief Executive Officer. The Company also reimburses Areth for office, warehousing and building related (common area) expenses, equipment and certain other operational expenses, which were not material to the consolidated financial statements for the three months ended March 31, 2025 and 2024.
During the three months ended March 31, 2025 and 2024, the Company purchased certain specialized equipment and repair services used for the collection and processing of source plasma from GenesisBPS in the amount of $34 thousand and $0.1 million, respectively. Genesis is owned by Dr. Grossman and Adam Grossman.