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Property and Equipment | 9 Months Ended
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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.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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