Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.4.0.3
Property and Equipment
 3 Months Ended
Mar. 31, 2016
Property Plant And Equipment [Abstract]  
Property and Equipment
3. Property and Equipment
 
Property and equipment consisted of the following:
 
 
 
 
 
 
March 31,
 
December 31,
 
($ in thousands)
 
Useful Life (Years)
 
2016
 
2015
 
Computer equipment
 
 
3
 
$
391
 
$
13
 
Furniture and fixtures
 
 
5
 
 
338
 
 
69
 
Leasehold improvements
 
 
5
 
 
20
 
 
21
 
Construction in progress (1)
 
 
N/A
 
 
1,909
 
 
274
 
Total property and equipment
 
 
 
 
 
2,658
 
 
377
 
Less: Accumulated depreciation
 
 
 
 
 
(60)
 
 
(68)
 
Property and equipment, net
 
 
 
 
$
2,598
 
$
309
 
 
(1) For build-out of the Company's new office in New York, NY.
 
Depreciation expense for the three months ended March 31, 2016 and 2015 was approximately $4,000 and $6,000, respectively, and was recorded in both research and development expense and general and administrative expense in the condensed Consolidated Statements of Operations.
 
In January 2016, the Company wrote off approximately $12,000 of fully depreciated leasehold improvements from 135 East 57th , Street New York NY 10022 due to the termination of the sub-lease related to the office and Burlington due to the termination of the lease.