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

Property and Equipment, net

v3.25.1
Property and Equipment, net
 12 Months Ended
Dec. 31, 2024
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,  
    2024     2023  
Furniture and Equipment   $ 178     $ 117  
Computer Equipment     978       219  
Leasehold Improvements     2,597       2,200  
Software     358       192  
Property and Equipment, Gross     4,111       2,728  
                 
Less Accumulated Depreciation     (1,805 )     (724 )
Foreign Currency Translation Adjustment     (253 )     (127 )
Property and Equipment, net   $ 2,053     $ 1,877  

 

During the years ended December 31, 2024 and December 31, 2023, the Company recorded depreciation expense of $0.3 million and $0.4 million, respectively.

 

The Company terminated its New Jersey office lease effective August 1, 2023. The property and equipment that would no longer be utilized was written down to zero, resulting in a $0.1 million loss, recorded as Loss on Lease Termination within Other Income (Expense), net on the consolidated statement of operations in the year ended December 31, 2023.

 

The Company did not incur any impairment charges or write-downs during the year ended December 31, 2024. In the year ended December 31, 2023, a reassessment of the Company’s long-lived assets was performed due to changes in its estimated undiscounted future cash flows and the Company recognized an impairment loss of $0.1 million.