Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v2.4.1.9
Property and Equipment
 12 Months Ended
Dec. 31, 2014
Property Plant And Equipment [Abstract]  
Property and Equipment
5. Property and Equipment
 
Property and equipment consisted of the following:
 
 
 
Useful Life
 
As of December 31,
 
($ in thousands)
 
(Years)
 
2014
 
2013
 
Construction in progress
 
N/A
 
$
—
 
$
373
 
Computer equipment
 
3
 
 
13
 
 
13
 
Furniture & fixtures
 
5
 
 
69
 
 
69
 
Leasehold improvements
 
5
 
 
12
 
 
12
 
Total property and equipment
 
 
 
 
94
 
 
467
 
Less: Accumulated depreciation
 
 
 
 
(42)
 
 
(20)
 
Property and equipment, net
 
 
 
$
52
 
$
447
 
 
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 7).
 
Depreciation expense for the years ended December 31, 2014, 2013, and 2012 was $23,000, $17,000, and $3,000, respectively, and was recorded in both research and development expense and general and administrative expense in the consolidated statements of operations.
 
Depreciation expense for the years ended December 31, 2013, 2012, and 2011 and the period from inception to December 31, 2013 was $ 17 ,000, $ 3 ,000, $ 22 ,000 and $ 61 ,000 which includes $ 41 ,000 of computer equipment write-offs, respectively, and was recorded in both research and development expense and general and administrative expense in the consolidated statements of operations