Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.24.1
Property and Equipment
12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment  
Property, Plant and Equipment

5. Property and Equipment

Fortress’ property and equipment consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

    

Useful Life

    

December 31, 

($ in thousands)

​

(Years)

​

2023

​

2022

​

​

​

Computer equipment

 

​

3

​

$

595

​

$

739

Furniture and fixtures

 

​

5

​

 

1,017

​

 

1,387

Machinery & equipment

 

​

5

​

 

—

​

 

8,632

Leasehold improvements

 

​

15

​

 

13,175

​

 

13,175

Buildings

​

​

40

​

​

581

​

​

581

Construction in progress

 

​

N/A

​

 

29

​

 

952

Total property and equipment

 

​

​

​

​

15,397

​

 

25,466

Less: Accumulated depreciation

 

​

​

​

​

(8,892)

​

 

(12,446)

Property, plant and equipment, net

​

​

​

​

$

6,505

​

$

13,020

​

Fortress’ depreciation expense for the years ended December 31, 2023 and 2022 was $2.2 million and $3.1 million, respectively, and was recorded in research and development, and selling, general and administrative expense in the Consolidated Statements of Operations.