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Property, Plant and Equipment, and Asset Impairment | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment, and Asset Impairment |
Property, Plant and Equipment, and Asset Impairment | Note 6 – Property, Plant and Equipment, and Asset Impairment For the years ended December 31, 2024 and 2023, property, plant and equipment consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Estimated Useful |  | December 31, |  | December 31,
($ in thousands) | ​ | Life (in years) | ​ | 2024 | ​ | 2023
Leasehold improvements |  | 9 | ​ |  | 7,694 | ​ |  | 7,694
Construction in process |  | N/A | ​ |  | — | ​ |  | 29
Total property, plant and equipment | ​ | ​ | ​ |  | 7,694 | ​ |  | 7,723
Less: impairment loss | ​ | ​ | ​ | ​ | (2,176) | ​ | ​ | —
Less: accumulated depreciation | ​ | ​ | ​ | ​ | (5,147) | ​ | ​ | (4,476)
Property, plant and equipment, net | ​ | ​ | ​ | $ | 371 | ​ | $ | 3,247
​ Depreciation expense for the years ended December 31, 2024 and 2023, was approximately $0.7 million and $1.9 million, respectively, and was recorded in research and development expense in the Statements of Operations. ​ Fixed assets – construction in process primarily reflects buildout costs and equipment that have not yet been placed into service. ​ Impairment of Long-Lived Assets ​ During the second quarter of fiscal year 2024, the Company concluded it had a triggering event requiring assessment of impairment for certain leasehold improvements and the related right-of-use asset. The Company assessed the carrying value of the asset group consisting of the leasehold improvements and right-of-use asset in accordance with ASC 360, given the significant changes to the Company’s operations, operating cash and the repurchase of equipment. The assessment of the recoverability of the asset group concluded that there was impairment on the carrying value of the asset group of approximately $2.6 million, which was allocated on a pro rata basis using the relative carrying amounts of the assets. Approximately $2.2 million of the impairment loss was allocated to the leasehold improvements, with the remaining $0.4 million allocated to the right-of-use asset.

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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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