PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2013

NOTE 5. PROPERTY AND EQUIPMENT

Property and equipment consists of the following (in thousands):

	December 31, 2013			December 31, 2012

Furniture and office equipment	$	3,547		$	2,169
Laboratory equipment		5,151			4,623
Leasehold improvements		6,045			9,325
Construction in progress		—			196


		14,743			16,313
Less: Accumulated depreciation and amortization		(6,403	)		(8,076	)


Property and equipment, net	$	8,340		$	8,237

There was no property and equipment included under capitalized leases as of December 31, 2013 or December 31, 2012. Depreciation and amortization expense was $1.6 million, $2.6 million and $0.3 million for the years ended December 31, 2013, 2012 and 2011, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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