Fortress Biotech, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

Property and Equipment

9 Months Ended

Sep. 30, 2016

Property Plant And Equipment [Abstract]

Property and Equipment

6. Property and Equipment

Fortress's property and equipment, exclusive of National's property and equipment consisted of the following:

		September 30,		December 31,
($ in thousands)	Useful Life (Years)	2016		2015
Computer equipment	3	$	436	$	13
Furniture and fixtures	5		788		69
Leasehold improvements	5		164		21
Construction in progress (1)	15		4,733		274
Total property and equipment			6,121		377
Less: Accumulated depreciation			(296)		(68)
Property and equipment, net		$	5,825	$	309

(1) For build-out of the Company's new office in New York, NY.

Fortress's depreciation expense for the three months ended September 30, 2016 and 2015 was approximately $154,000 and $6,000, respectively, and was recorded in both research and development expense and general and administrative expense in the Condensed Consolidated Statements of Operations.

Fortress's depreciation expense for the nine months ended September 30, 2016 and 2015 was approximately $240,000 and $17,000, respectively, and was recorded in both research and development expense and general and administrative expense in the Condensed Consolidated Statements of Operations.

National’s preliminary property and equipment, at fair value as of September 9, 2016 consisted of the following:

	September 9,		Estimated Useful
($ in thousands)	2016		Lives (in years)
Equipment	$	532	5
Furniture and fixtures		65	5
Leasehold improvements		259	Lesser of useful life or term of lease
Capital Leases (primarily composed of computer equipment)		276	5
Property and equipment, net	$	1,132