Fortress Biotech, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Property and Equipment

Property and Equipment

3 Months Ended

Mar. 31, 2025

5. Property and Equipment


	Useful Life		March 31,		December 31,
($ in thousands)	(Years)		2025		2024
Computer equipment		3	$	594	$	595
Furniture and fixtures		5		1,017		1,017
Leasehold improvements		15		5,481		13,175
Buildings		40		581		581
Total property and equipment				7,673		15,368
Impairment - Leasehold Improvements				(2,176)		(2,176)
Less: Accumulated depreciation				(2,701)		(9,932)
Property and equipment, net			$	2,796	$	3,260

Fortress' depreciation expense for the three months ended March 31, 2025 and 2024 was approximately $0.1 million and $0.4 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.

In February 2025, Mustang terminated the lease of its manufacturing facility. The remaining Mustang lease liability of approximately $0.8 million was reversed, and the remaining leasehold improvements of approximately $0.3 million and right of use assets of approximately $0.1 million were written off resulting in a net gain of $0.4 million recorded in research and development expense in the unaudited condensed consolidated statements of operations. In conjunction with the termination of the lease, the Company also completed the sale of the remaining equipment held for sale for approximately $1.2 million, which had been classified as held for sale at December 31, 2024.