Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.19.3
Property and Equipment
 9 Months Ended
Sep. 30, 2019
Property and Equipment  
Property and Equipment

5. Property and Equipment

Fortress’ property and equipment consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

    

Useful Life

    

September 30, 

    

December 31,

($ in thousands)

 

(Years)

 

2019

 

2018

 

 

(Unaudited)

Computer equipment

 

 

3

 

$

648

 

$

648

Furniture and fixtures

 

 

5

 

 

1,153

 

 

1,128

Machinery & equipment

 

 

5

 

 

3,960

 

 

3,143

Leasehold improvements

 

 

5‑15

 

 

9,358

 

 

9,271

Construction in progress (1)

 

 

N/A

 

 

1,011

 

 

393

Total property and equipment

 

 

 

 

 

16,130

 

 

14,583

Less: Accumulated depreciation

 

 

 

 

 

(3,978)

 

 

(2,564)

Property and equipment, net

 

 

 

 

$

12,152

 

$

12,019

 

Note 1: Relates to the Mustang cell processing facility.

Fortress' depreciation expense for the three months ended September 30, 2019 and 2018, was approximately $0.5 million and $0.4 million, respectively, and was recorded in both research and development expense and general and administrative expense in the Condensed Consolidated Statements of Operations.

Fortress' depreciation expense for the nine months ended September 30, 2019 and 2018, was approximately $1.4 million and $0.9 million, respectively, and was recorded in both research and development expense and general and administrative expense in the Condensed Consolidated Statements of Operations.