Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.20.1
Property and Equipment
 12 Months Ended
Dec. 31, 2019
Property and Equipment  
Property and Equipment

5. Property and Equipment

Fortress’ property and equipment consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 

($ in thousands)

    

Useful Life (Years)

    

2019

    

2018

Computer equipment

 

3

 

$

648

 

$

648

Furniture and fixtures

 

5

 

 

1,162

 

 

1,128

Machinery & equipment

 

5

 

 

4,594

 

 

3,143

Leasehold improvements

 

5-15

 

 

9,358

 

 

9,271

Construction in progress 1

 

N/A

 

 

1,157

 

 

393

Total property and equipment

 

  

 

 

16,919

 

 

14,583

Less: Accumulated depreciation

 

  

 

 

(4,486)

 

 

(2,564)

Property and equipment, net

 

  

 

$

12,433

 

$

12,019

Note 1: Relates to the Mustang cell processing facility.

Depreciation expenses of Fortress’ property and equipment for the years ended December 31, 2019 and 2018 was $1.9 million and $1.4 million, respectively, and was recorded in research and development, manufacturing and general and administrative expense in the Consolidated Statements of Operations.