Intangible Assets

3 Months Ended

Mar. 31, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 6—INTANGIBLE ASSETS

Intangible assets for IPR&D consist of two clinical product candidates from our 2013 acquisition of Ceregene. IPR&D is an intangible asset classified as indefinite-lived until the completion or abandonment of the associated research and development effort, and will be amortized over an estimated useful life to be determined at the date the project is completed.

The carrying values of these intangibles assets are as follows (in thousands):

	As of		As of
	March 31, 2015		December 31, 2014
CERE-110 for the treatment of Alzheimer's disease	$	—	$	1,640
CERE-120 for the treatment of Parkinson's disease		—		230
Total identifiable intangible assets	$	—	$	1,870

During the three months ended March 31, 2015, the Company received clinical data demonstrating no statistically significant difference between the control group and the group treated with CERE-110 for Alzheimer’s disease. Subsequently, the Company decided to discontinue the CERE-110 and CERE-120 clinical trial programs. As such, the probability of achieving projected revenues and cash flows associated with these programs were adversely affected. Given these results, the Company does not believe the programs have an alternative future use for itself or other market participants. Accordingly, during the three months ended March 31, 2015, the Company recognized a $1.9 million impairment charge related to these assets. The impairment is recorded in R&D expense in the accompanying condensed consolidated statements of operations.