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 its approximately 45,000 square foot research and development facility in Frederick, 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 which $0.6 million, as of June 30, 2022, is included in Construction in progress as those assets were not ready for their intended use. Additionally, as of June 30, 2022, the Company has incurred approximately $0.6 million in work-in-process, which is included in construction in progress. As of June 30, 2022, the asset was operational, but the asset was not ready for its intended use. The Company expects the asset to be ready for its intended use by the third quarter of 2022.

On September 28, 2020, the Company completed the purchase of its approximately 45,000 square foot facility in Dartmouth, 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 $27.4 million of costs during the six months ended June 30, 2022, bringing total costs incurred-to-date to $50.2 million, of which the majority relates to the build-out of the facility, which is included in construction in progress as of June 30, 2022. As of June 30, 2022, the asset was operational, but the asset was not ready for its intended use. The Company expects the asset to be ready for its intended use by the third quarter of 2022.

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 June 30, 2022, the asset was not ready for its intended use.