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FIXED ASSETS | 6 Months Ended
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Jun. 30, 2025
Property, Plant and Equipment [Abstract] |
FIXED ASSETS | FIXED ASSETS Fixed assets, net, summarized by major category, consist of the following (in thousands):
| June 30, |  | December 31,
| 2025 |  | 2024
Machinery and equipment | $ | 173,729 |  |  | $ | 160,643 |
Leasehold improvements | 97,408 |  |  | 86,034 |
Computer equipment and software | 25,232 |  |  | 23,473 |
Office furniture and equipment | 1,952 |  |  | 1,952 |
Construction in progress | 9,632 |  |  | 27,996 |
Total | 307,953 |  |  | 300,098 |
Less: accumulated depreciation | (152,775) |  |  | (132,929) |
Fixed assets, net | $ | 155,178 |  |  | $ | 167,169 |
For the three months ended June 30, 2025 and 2024, depreciation expense was $13.0 million and $4.5 million, respectively. For the three months ended June 30, 2025 and 2024, there was none and $0.7 million of capitalized interest on the construction of manufacturing sites, respectively. For the six months ended June 30, 2025 and 2024, depreciation expense was $19.8 million and $8.6 million, respectively. For the six months ended June 30, 2025 and 2024, there was $0.1 million and $1.4 million of capitalized interest on the construction of manufacturing sites, respectively. As of June 30, 2025 and December 31, 2024, total fixed assets, net, includes manufacturing process equipment and leasehold improvements located outside of the U.S. in the amount of $50.1 million and $51.1 million, respectively. As of both June 30, 2025 and December 31, 2024, the Company had asset retirement obligations of $4.2 million, included in accrued expenses and other liabilities on its condensed consolidated balance sheets, for costs associated with returning leased spaces to their original condition upon the termination of certain of its lease agreements. In July 2025, the Company announced it decommissioned its 45-liter EXPAREL batch manufacturing suite located at its Science Center Campus in San Diego and reduced its workforce accordingly. As a result, the Company recognized $5.5 million of accelerated depreciation expense during the six months ended June 30, 2025. For more information, see Note 18, Subsequent Events.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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