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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Property and equipment consisted of the following at December 31, 2025 and 2024 (in thousands):
20252024
Building$200 $200 
Building improvements14 14 
Leasehold improvements1,303 1,303 
Office equipment1,271 1,246 
Software88 88 
Other equipment977 907 
Construction in progress— — 
Property and equipment, at cost3,853 3,758 
Accumulated depreciation(2,083)(1,624)
Property and equipment, net of accumulated depreciation$1,770 $2,134 
During the year ended December 31, 2024, the Company transferred approximately $0.7 million from construction in progress to leasehold improvements and approximately $0.3 million from construction in progress to other equipment. For the years ended December 31, 2025 and 2024, the Company recorded depreciation expense of $487 thousand and $678 thousand, respectively.