Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.5.0.2
Property and Equipment
 6 Months Ended
Jun. 30, 2016
Property Plant And Equipment [Abstract]  
Property and Equipment
3. Property and Equipment
 
Property and equipment consisted of the following:
 
 
 
 
 
 
June 30,
 
December 31,
 
($ in thousands)
 
Useful Life (Years)
 
2016
 
2015
 
Computer equipment
 
 
3
 
$
431
 
$
13
 
Furniture and fixtures
 
 
5
 
 
675
 
 
69
 
Leasehold improvements
 
 
5
 
 
164
 
 
21
 
Construction in progress (1)
 
 
N/A
 
 
3,407
 
 
274
 
Total property and equipment
 
 
 
 
 
4,677
 
 
377
 
Less: Accumulated depreciation
 
 
 
 
 
(142)
 
 
(68)
 
Property and equipment, net
 
 
 
 
$
4,535
 
$
309
 
 
(1) For build-out of the Company's new office in New York, NY.
 
Depreciation expense for the three months ended June 30, 2016 and 2015 was approximately $82,000 and $5,000, respectively, and was recorded in both research and development expense and general and administrative expense in the Condensed Consolidated Statements of Operations.
 
Depreciation expense for the six months ended June 30, 2016 and 2015 was approximately $86,000 and $11,000, 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 lease.