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Certain Balance Sheet Items
12 Months Ended
Dec. 31, 2013
Certain Balance Sheet Items [Abstract]  
Certain Balance Sheet Items
Certain Balance Sheet Items
Accounts receivable, net consisted of the following:
 
 
December 31,
2013
 
December 31,
2012
Accounts receivable from product sales to collaborators
 
$
4,495,314

 
$

Accounts receivable from revenues under collaborative agreements
 
3,707,248

 
15,058,163

Accounts receivable from other product sales
 
1,505,004

 
823,064

 
 
9,707,566

 
15,881,227

Allowance for distribution fees and discounts
 
(610,482
)
 
(178,140
)
 
 
$
9,097,084

 
$
15,703,087


Inventories consisted of the following:
 
 
December 31,
2013
 
December 31,
2012
Raw materials
 
$
1,136,815

 
$
1,127,061

Work-in-process
 
4,280,076

 
792,257

Finished goods
 
753,091

 
751,378

 
 
$
6,169,982

 
$
2,670,696


Prepaid expenses and other assets consisted of the following:
 
 
December 31,
2013
 
December 31,
2012
Prepaid manufacturing expenses
 
$
5,884,040

 
$
8,152,602

Prepaid research and development expenses
 
3,522,250

 
2,274,551

Other prepaid expenses
 
1,338,758

 
2,250,791

Other assets
 
356,328

 
74,944

 
 
11,101,376

 
12,752,888

Less long-term portion
 
2,675,692

 

 
 
$
8,425,684

 
$
12,752,888


Property and equipment, net consisted of the following:
 
 
December 31,
2013
 
December 31,
2012
Research equipment
 
$
7,713,850

 
$
6,360,004

Computer and office equipment
 
1,948,859

 
1,432,975

Leasehold improvements
 
1,408,025

 
1,138,110

Building(1)
 

 
1,450,000

 
 
11,070,734

 
10,381,089

Accumulated depreciation and amortization
 
(7,649,228
)
 
(6,680,627
)
 
 
$
3,421,506

 
$
3,700,462

________________________
(1)
Represented capitalized building under a build-to-suit lease arrangement where we were considered the owner (for accounting purposes only) during the construction period. Upon the completion of the building construction in the fourth quarter of 2013, we met the sale-leaseback criteria for de-recognition of the building asset and liability; therefore, the building asset was removed from the consolidated balance sheet as of December 31, 2013.
Depreciation and amortization expense was approximately $1.2 million, $1.1 million and $1.1 million for the years ended December 31, 2013, 2012 and 2011, respectively.
Accrued expenses consisted of the following:
 
 
December 31,
2013
 
December 31,
2012
Accrued compensation and payroll taxes
 
$
7,075,347

 
$
4,053,590

Accrued outsourced research and development expenses
 
3,377,256

 
1,239,050

Accrued outsourced manufacturing expenses
 
3,233,012

 
984,192

Other accrued expenses
 
1,234,831

 
1,506,615

 
 
$
14,920,446

 
$
7,783,447


Deferred revenue consisted of the following:
 
 
December 31,
2013
 
December 31,
2012
Collaborative agreements
 
$
51,184,897

 
$
43,222,473

Product sales
 
1,958,381

 
623,510

Total deferred revenue
 
53,143,278

 
43,845,983

Less current portion
 
7,397,829

 
8,891,017

Deferred revenue, net of current portion
 
$
45,745,449

 
$
34,954,966