Property and Equipment

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment consists of the following (in thousands):

	Estimated Useful
	Life (Years)		September 30, 2021				December 31, 2020
Land		—	$	875			$	875
Buildings	39-40			17,389				17,389
Building improvements	5-40			38,651				37,543
Machinery and equipment	3-15			54,978				55,054
Furniture, fixtures and office equipment	5-10			3,004				3,004
Computer equipment and software		3		8,361				8,319
Construction in progress		—		5,262		(1)		503
				128,520				122,687
Less accumulated depreciation				(97,672	)			(96,820	)
Total property and equipment, net			$	30,848			$	25,867

____________________

(1) Construction in progress includes $1.6 million of equipment under construction for the manufacturing expansion for UT (the “UT Equipment”). See Note 7 – Collaboration, Licensing and Other Arrangements.

Depreciation expense related to property and equipment for the three and nine months ended September 30, 2021 and 2020 was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Depreciation Expense	$	508	$	445	$	1,449	$	1,346

On November 8, 2021, the Company closed a transaction to sell certain real estate located at One Casper Street, Danbury, CT (the “Property”) to an affiliate of Creative Manufacturing Properties (the “Purchaser”) for a sales price of $102.3 million, subject to terms and the conditions contained in a purchase and sale agreement. Effective with the closing of this transaction, the Company entered into a 20-year lease agreement with the purchaser (the “Sale-Leaseback Transaction”). See Note 14 – Subsequent Event.