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Note 6 - Property, Plant and Equipment, Net
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

6. PROPERTY, PLANT AND EQUIPMENT, net

 

Property, plant and equipment consisted of the following:

 

  

Estimated Useful Lives

  

As of

  

As of

 
  

(in years)

  

September 30, 2025

  

December 31, 2024

 

Laboratory and manufacturing equipment

 3 - 10  $20,888,337  $21,234,259 

Buildings and improvements

 10 - 39   20,960,522   20,889,395 

Office furniture and equipment

 3 - 10   928,550   1,056,145 

Construction in progress

 n/a   2,645,564   2,693,904 

Land

 n/a   516,867   516,867 

Property, plant and equipment, gross

     45,939,840   46,390,570 

Accumulated depreciation

     (21,599,100)  (21,041,551)

Property, plant and equipment, net

    $24,340,740  $25,349,019 

 

As of September 30, 2025 and December 31, 2024, 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 $1,406,194 and $49,652 during the three-month periods ended September 30, 2025 and 2024, respectively, and $1,542,599 and $120,814 during the nine-month periods ended September 30, 2025 and 2024, respectively. Depreciation expense was $674,314 and $670,346 during the three-month periods ended September 30, 2025 and 2024, respectively, and $2,008,958 and $1,999,005 during the nine-month periods ended September 30, 2025 and 2024, respectively.