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Note 5 - Property and Equipment | 3 Months Ended
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Mar. 31, 2026
Notes To Financial Statements [Abstract] |
Property and Equipment | 5. Property and Equipment In 2024, the Company purchased buildings located in the metropolitan areas of Houston, TX, Chicago, IL, and Los Angeles, CA, which it intends to use to manufacture its program candidates upon completion of modifications and installation of equipment. Also in 2024, the Company entered into a Master Equipment and Services Agreement (MESA) and statements of work (SOWs) thereunder with Comecer SpA (Comecer), pursuant to which the Company agreed to purchase from Comecer manufacturing equipment for the production of the Company’s radiopharmaceutical program candidates including, but not limited to, isotope processing hot cells and production suites and related equipment (collectively, the Deliverables) and services for installation and validation of the Deliverables at several of the Company’s production facilities in the United States. The aggregate consideration for such equipment and services pursuant to the MESA and SOWs is approximately €49.0 million payable in cash, excluding certain incidental costs, such as taxes, customs and duties, local transport, insurance and rigging. The Company may also elect to purchase certain additional equipment and services pursuant to the SOWs. The MESA provides for the payment of certain amounts in installments over the course of the production, installation and validation of the Deliverables. For additional information related to these events, see Note 6, Property and Equipment, of the 2025 Form 10-K. In October 2025 and April 2026, the Company entered into agreements with a general contractor pursuant to which the Company is expected to pay approximately $34.4 million. The first agreement is for the general contractor to make building modifications at the Company’s facility in the Chicago, IL, metropolitan area and to prepare for the installation of some of the Comecer manufacturing equipment and associated clean rooms at that site. The second agreement is for the general contractor to order long-lead time items and to prepare to make modifications to the Company’s facility in the Los Angeles, CA metropolitan area, including for the eventual installation of some of the Comecer manufacturing equipment and associated clean rooms at that site. The Company anticipates incurring additional spending with this general contractor, particularly in connection with the build out of the facility in the Los Angeles, CA metropolitan area. The Company’s property and equipment consisted of the following (in thousands):
|  | March 31, 2026 |  |  | December 31, 2025 |
Building |  | $ | 1,770 |  |  | $ | 1,770 |
Land |  |  | 917 |  |  |  | 917 |
Equipment |  |  | 15,928 |  |  |  | 15,457 |
Leasehold improvements |  |  | 3,892 |  |  |  | 3,864 |
Construction in progress 1 |  |  | 77,304 |  |  |  | 60,793 |
Property and equipment |  |  | 99,811 |  |  |  | 82,801 |
Less accumulated depreciation |  |  | (7,328 | ) |  |  | (6,204 | )
Property and equipment, net |  | $ | 92,483 |  |  | $ | 76,597 |
1. Property and equipment not placed in service are items that meet the capitalization threshold, or which management believes will meet the threshold at the time of completion and which have yet to be placed into service as of the date of the balance sheets and, therefore, no depreciation expense has been recognized.

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