Annual report [Section 13 and 15(d), not S-K Item 405]

Property and Equipment, net

v3.26.1
Property and Equipment, net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

Note 6: Property and Equipment, net

 

The Company has property and equipment as follows (in thousands):

               
    As of December 31,  
    2025     2024  
Furniture and Equipment   $ 98     $ 117  
Computer Equipment     827       817  
Leasehold Improvements     2,230       2,200  
Software     316       250  
Property and Equipment, Gross     3,471       3,384  
                 
Less Accumulated Depreciation     (1,626 )     (1,078 )
Foreign Currency Translation Adjustment     (210 )     (253 )
Property and Equipment, net   $ 1,635     $ 2,053  

 

The Company identified a disclosure error in the presentation of the Note 6 Property and Equipment, net reported in its Annual Report on Form 10-K for the year ended December 31, 2024. While the balance sheet correctly reflected the net book value of property and equipment, the footnote disclosure overstated by $0.7 million both the gross asset cost and accumulated depreciation as of December 31, 2024. The disclosure error did not impact the total net carrying amount of property and equipment or the consolidated financial statements as a whole. The comparative balances as of December 31, 2024 have been revised to reflect the correct gross cost and accumulated depreciation amounts.

 

During the years ended December 31, 2025 and December 31, 2024, the Company recorded depreciation expense of $0.6 million and $0.3 million, respectively.

 

During the years ended December 31, 2025 and December 31, 2024, the Company did not incur any impairment charges or write-downs.