Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.3.1.900
Property and Equipment
 12 Months Ended
Dec. 31, 2015
Property Plant And Equipment [Abstract]  
Property and Equipment
4. Property and Equipment
 
Property and equipment consisted of the following:
 
 
 
 
 
As of December 31,
 
($ in thousands)
 
Useful Life (Years)
 
2015
 
2014
 
Computer equipment
 
3
 
$
13
 
$
13
 
Furniture and fixtures
 
5
 
 
69
 
 
69
 
Leasehold improvements
 
5
 
 
21
 
 
12
 
Construction in progress (1)
 
N/A
 
 
274
 
 
-
 
Total property and equipment
 
 
 
 
377
 
 
94
 
Less: Accumulated depreciation
 
 
 
 
(68)
 
 
(42)
 
Property and equipment, net
 
 
 
$
309
 
$
52
 
 
(1) For buildout of our new office in New York, NY.
 
During the year ended December 31, 2014, in relation to the abandonment of its Woburn, MA manufacturing facility, the Company recorded $0.4 million of impairment loss related to the write-off of its construction in progress long-lived asset (see Note 13).
 
Depreciation expenses for the years ended December 31, 2015, 2014, and 2013 was $26,000, $23,000, and $17,000, respectively, and was recorded in both research and development expense and general and administrative expense in the Consolidated Statements of Operations.