Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v3.23.1
Property, Plant and Equipment
3 Months Ended
Mar. 31, 2023
Property, Plant and Equipment  
Property, Plant and Equipment

5. Property, Plant and Equipment

Fortress’ property, plant and equipment consisted of the following:

    

Useful Life

    

March 31, 

    

December 31, 

($ in thousands)

(Years)

2023

2022

Computer equipment

 

3

$

739

$

739

Furniture and fixtures

 

5

 

1,387

 

1,387

Machinery & equipment

 

5

 

9,269

 

8,632

Leasehold improvements

 

2-15

 

13,175

 

13,175

Buildings

40

581

581

Construction in progress 1

 

N/A

 

333

 

952

Total property and equipment

 

25,484

 

25,466

Less: Accumulated depreciation

 

(13,290)

 

(12,446)

Property, plant and equipment, net

$

12,194

$

13,020

Note 1:

Relates to the Mustang cell processing facility.

Fortress' depreciation expense for the three months ended March 31, 2023 and 2022 was approximately $0.8 million and $0.7 million, respectively. Fortress’ depreciation expense is recorded in both research and development expense and general and administrative expense in the condensed consolidated statement of operations.