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Property, Plant and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment, Net [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, net

6. PROPERTY, PLANT AND EQUIPMENT, net

 

Property, plant and equipment consisted of the following:

 

   Estimated
Useful Lives
(in years)		  As of
December 31, 2024		   As of
December 31, 2023		 
Laboratory and manufacturing equipment  3-10  $21,234,259   $20,953,601 
Buildings and improvements  10-39   20,889,395    20,784,565 
Office furniture and equipment  3-10   1,056,145    1,036,374 
Construction in progress 
n/a
   2,693,904    2,768,224 
Land 
n/a
   516,867    516,867 
Property, plant and equipment, gross      46,390,570    46,059,631 
Accumulated depreciation      (21,041,551)   (18,483,948)
Property, plant and equipment, net     $25,349,019   $27,575,683 

 

As of December 31, 2024 and 2023, construction in progress consisted principally of payments toward the First Defense® production capacity expansion project and equipment needed to bring the formulation and aseptic filling for Re-Tain® in-house. The costs associated with property, plant and equipment disposals were $130,365 and $100,142 during the years ended December 31, 2024 and 2023, respectively. Depreciation expense was $2,668,077 and $2,697,897 during the years ended December 31, 2024 and 2023, respectively.