Property and Equipment, Net

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

5. Property and Equipment, Net

Property and equipment, including finance leases, are stated at cost, net of accumulated depreciation and amortization. The cost of property and equipment is depreciated or amortized using the straight-line method over the estimated useful life of the asset, ranging from 3 to 10 years. Finance lease right-of-use assets are amortized over the lease term. Leasehold improvements are amortized over the shorter of the useful life or the lease term.

At September 30, 2025 and December 31, 2024, property and equipment, net was comprised of the following (in thousands):


	September 30, 2025			December 31, 2024
Equipment, furniture and fixtures	$	4,728		$	4,131
Leasehold improvements		2,542			2,300
Right-of-use assets - finance lease		216			204
Accumulated depreciation and amortization		(5,329	)		(4,384	)
Property and equipment, net	$	2,157		$	2,251

Depreciation and amortization expense was $178,000 and $141,000 for the three months ended September 30, 2025 and 2024, respectively, and $513,000 and $436,000 for the nine months ended September 30, 2025 and 2024, respectively. These amounts include amortization expense for right-of-use finance lease assets of $15,000 and $13,000 for the three months ended September 30, 2025 and 2024, respectively, and $43,000 and $41,000 for the nine months ended September 30, 2025 and 2024, respectively.