XML 25 R13.htm IDEA: XBRL DOCUMENT v3.25.2
FIXED ASSETS
 6 Months Ended
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,
20252024
Machinery and equipment$173,729 $160,643 
Leasehold improvements97,408 86,034 
Computer equipment and software25,232 23,473 
Office furniture and equipment1,952 1,952 
Construction in progress9,632 27,996 
        Total307,953 300,098 
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.