Property and Equipment |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Plant And Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment |
NOTE 13 – PROPERTY AND EQUIPMENT Property and equipment comprise the following (in thousands):
Depreciation expense for the three months ended September 30, 2019 and 2018 was $0.5 million and $0.4 million, respectively. Depreciation expense for the nine months ended September 30, 2019 and 2018 was $1.3 million and $0.6 million, respectively. During Q3 2019 the Company completed the new R&D facility at its new location in Austin, Texas and continued construction on the expansion of its cGMP facility. In connection with the completion of its new R&D facility in September 2019 the Company recorded a related asset retirement obligation (“ARO”) asset and liability of $0.4 million. In connection with the continued construction of the expansion of the cGMP facility the Company recorded a related ARO asset and liability of $0.4 million at September 30, 2019. The expansion is expected to be completed during Q1 2020. At September 30, 2019 and December 31, 2018, the Company had net ARO assets totaling $0.9 million and $0.1 million, respectively. The ARO assets are included in Leasehold improvements. |