Quarterly report [Sections 13 or 15(d)]

Property, Plant, and Equipment

v3.25.1
Property, Plant, and Equipment
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment
Note 6: Property and Equipment
The Company’s property and equipment balances consisted of the following:
March 31, 2025 December 31, 2024
(in thousands)
Leasehold improvements $ 2,391  $ 2,332 
Furniture & fixtures 1,066  1,106 
Computer equipment & software 7,064  7,060 
Medical equipment 1,050  1,082 
Software (development in process) 343  343 
Vehicles 633  659 
Other 32  — 
12,579  12,582 
Less: accumulated depreciation (7,271) (6,848)
Property and equipment, net $ 5,308  $ 5,734 
Total depreciation of property and equipment recognized on the condensed consolidated statements of operations was $0.6 million and $0.5 million for the three months ended March 31, 2025 and 2024, respectively.
Assets Held for Sale
On November 30, 2024, the Company and certain of its subsidiaries (the “Sellers”) entered into an asset purchase agreement with certain entities affiliated with an entity in which Chicago Pacific Founders (“CPF”), the Company’s principal stockholder, has an ownership interest (the “Buyers”), which was amended on December 30, 2024, effective as of December 5, 2024 (as amended, the “Florida Asset Purchase Agreement”). Pursuant to the Florida Asset Purchase Agreement, the Sellers sold to the Buyers all of the assets, clinical and non-clinical, exclusively or primarily used by the Company’s MA-related business operated out of Eagle Park, Florida (the “Florida Assets”). The Company closed on the sale of the remaining Florida assets on May 1, 2025, see Note 15 “Subsequent Events” for additional information.
Net assets classified as held for sale for the Company’s remaining Florida operations are summarized as follows:
March 31, 2025 December 31, 2024
(in thousands)
Assets:
Property and equipment, net $ 571  $ 571 
Intangible assets, net 7,576  7,576 
Other long-term assets 314  314 
Accumulated impairment (8,058) (8,058)
Total assets $ 403  $ 403 
Liabilities:
Accrued expenses and other current liabilities $ 56  $ 56 
Operating lease liability 297  297 
Total liabilities $ 353  $ 353 
Net assets $ 50  $ 50