PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2014

NOTE 5. PROPERTY AND EQUIPMENT

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

	December 31, 2014			December 31, 2013
Furniture and office equipment	$	4,097		$	3,547
Laboratory equipment		5,156			5,151
Leasehold improvements		6,045			6,045

		15,298			14,743
Less: Accumulated depreciation and amortization		(8,243	)		(6,403	)

Property and equipment, net	$	7,055		$	8,340

There was no property and equipment included under capitalized leases as of December 31, 2014 or December 31, 2013. Depreciation expense was $1.8 million, $1.6 million and $2.6 million for the years ended December 31, 2014, 2013 and 2012, 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.

+ References+ Details