Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.24.1.1.u2
Property and Equipment
3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment  
Property, Plant and Equipment

5. Property and Equipment

    

Useful Life

    

March 31, 

December 31,

($ in thousands)

(Years)

2024

2023

Computer equipment

 

3

$

595

$

595

Furniture and fixtures

 

5

 

1,017

 

1,017

Machinery & equipment

 

5

 

 

Leasehold improvements

 

15

 

13,175

 

13,175

Buildings

40

581

581

Construction in progress

 

N/A

 

29

 

29

Total property and equipment

 

15,397

 

15,397

Less: Accumulated depreciation

 

(9,269)

 

(8,892)

Property and equipment, net

$

6,128

$

6,505

Fortress' depreciation expense for the three months ended March 31, 2024 and 2023 was approximately $0.4 million and $0.8 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.