NOTE 3 – PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following (in thousands):

 On October 1, 2021, the Company completed the acquisition of a research and development facility in Maryland totaling $17.5 million, to process development activities. Of the total purchase price, $2.1 million was allocated to the value of land acquired, and $13.9 million was allocated to construction in progress, as the building was not ready for its intended use, and approximately $1.5 million was allocated to Office furniture and equipment and Laboratory equipment. Of the $1.5 million, $1.0 million is included in Construction in progress as those assets were not ready for their intended use. Additionally, we have incurred approximately $1.1 million in work-in-process, which is included in construction in progress as of December 31, 2021. As of December 31, 2021, the asset was operational, but the asset was not ready for its intended use.

On September 28, 2020, the Company completed the purchase of its 40,000 square foot facility in Massachusetts for $4.0 million, to house its new Advanced Development Center for the development and manufacturing of vaccines. Of the total purchase price, $1.2 million was allocated to the value of land acquired, and $2.8 million was allocated to construction in progress, as the building was not ready for its intended use. Additionally, we have incurred approximately $22.8 million in work-in-process, which is included in construction in progress as of December 31, 2021. As of December 31, 2021, the asset the asset was not ready for its intended use.

On December 23, 2020, the Company completed the purchase of its approximately 44-acre site in Hamilton, Montana for $4.5 million, for the construction of a vaccine development and commercial scale manufacturing facility. As of December 31, 2021, the asset the asset was not ready for its intended use.