Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.8.0.1
Property and Equipment
12 Months Ended
Dec. 31, 2017
Property, Plant and Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

Property and equipment for the years ended December 31, 2017 and 2016 consists of the following:

 

(Amounts in thousands)

   2017      2016  

Land

   $ 5,690      $ 5,690  

Buildings and other improvements

     4,414        4,304  

Leasehold improvements

     169        169  

Office furniture and equipment

     1,672        1,506  

Computer equipment and software

     20        20  

Assets under construction

     3,671        37  
  

 

 

    

 

 

 
     15,636        11,726  

Less accumulated depreciation

     (1,283      (732
  

 

 

    

 

 

 

Property and equipment, net

   $ 14,353      $ 10,994  
  

 

 

    

 

 

 

As of December 31, 2017, the Company recorded $3,671 thousand in assets under construction which consists of the phase two construction costs (related to the sale-leaseback transaction, site improvements and architect fees) and lab equipment for our new headquarters facility. At the completion of construction, the completed asset will be capitalized and depreciated over the term of the lease.

Depreciation expense was $551 thousand, $345 thousand and $147 thousand for the year ended December 31, 2017, 2016 and 2015, respectively.