PROPERTY AND EQUIPMENT, NET |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY AND EQUIPMENT, NET |
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, $0.8 million, as of March 31, 2022, is included in Construction in progress as those assets were not ready for their intended use. Additionally, as of March 31, 2022, the Company has incurred approximately $0.4 million in work-in-process, which is included in construction in progress. As of March 31, 2022, 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, the Company incurred approximately $17.4 million of costs during the quarter ended March 31, 2022, bringing total costs incurred-to-date to $40.2 million, of which the majority relates to the build-out of the facility, which is included in construction in progress as of March 31, 2022. As of March 31, 2022, 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 March 31, 2022, the asset was not ready for its intended use. |
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