Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.19.2
Property and Equipment
 6 Months Ended
Jun. 30, 2019
Property and Equipment  
Property and Equipment

5. Property and Equipment

Fortress’ property and equipment consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

    

Useful Life

    

June 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

 

 

3,666

 

 

3,143

Leasehold improvements

 

 

5‑15

 

 

9,359

 

 

9,271

Construction in progress (1)

 

 

N/A

 

 

699

 

 

393

Total property and equipment

 

 

 

 

 

15,525

 

 

14,583

Less: Accumulated depreciation

 

 

 

 

 

(3,502)

 

 

(2,564)

Property and equipment, net

 

 

 

 

$

12,023

 

$

12,019

 

Note 1: Relates to the Mustang cell processing facility.

Fortress' depreciation expense for the three months ended June 30, 2019 and 2018, was approximately $0.5 million and $0.3 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 six months ended June 30, 2019 and 2018, was approximately $0.9 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.