Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.23.1
Property and Equipment
12 Months Ended
Dec. 31, 2022
Property and Equipment  
Property and Equipment

5. Property and Equipment

Fortress’ property and equipment consisted of the following:

    

Useful Life

    

December 31, 

    

December 31, 

($ in thousands)

(Years)

2022

2021

Computer equipment

 

3

$

739

$

739

Furniture and fixtures

 

5

 

1,387

 

1,387

Machinery & equipment

 

5

 

8,632

 

6,550

Leasehold improvements

 

2-15

 

13,175

 

13,175

Buildings

40

581

581

Construction in progress 1

 

N/A

 

952

 

2,028

Total property and equipment

 

25,466

 

24,460

Less: Accumulated depreciation

 

(12,446)

 

(9,394)

Property, plant and equipment, net

$

13,020

$

15,066

Note 1: Relates to the Mustang cell processing facility.

Depreciation expenses of Fortress’ property and equipment for the years ended December 31, 2022 and 2021 was $3.1 million and $2.6 million, respectively, and was recorded in research and development, and selling, general and administrative expense in the Consolidated Statements of Operations.