Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.20.1
Property and Equipment
 3 Months Ended
Mar. 31, 2020
Property and Equipment  
Property and Equipment

5. Property and Equipment

Fortress’ property and equipment consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

    

Useful Life

    

March 31, 

    

December 31,

($ in thousands)

 

(Years)

 

2020

 

2019

 

 

(Unaudited)

Computer equipment

 

 

3

 

$

663

 

$

648

Furniture and fixtures

 

 

5

 

 

1,199

 

 

1,162

Machinery & equipment

 

 

5

 

 

4,644

 

 

4,594

Leasehold improvements

 

 

5‑15

 

 

10,580

 

 

9,358

Construction in progress 1

 

 

N/A

 

 

712

 

 

1,157

Total property and equipment

 

 

 

 

 

17,798

 

 

16,919

Less: Accumulated depreciation

 

 

 

 

 

(5,013)

 

 

(4,486)

Property and equipment, net

 

 

 

 

$

12,785

 

$

12,433

 

Note 1: Relates to the Mustang cell processing facility.

Fortress' depreciation expense for the three months ended March 31, 2020 and 2019 was approximately $0.5 million and $0.5 million, respectively, and was recorded in both research and development expense and general and administrative expense in the Condensed Consolidated Statements of Operations.