Note 4 - Property and Equipment, Net

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

4.

 

Property and Equipment, net

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

	As of
	September 30, 2019		December 31, 2018
Computer equipment and software	$	-	$	211
Furniture, fixtures, and other		-		365
Laboratory equipment		-		514
		-		1,090
Accumulated depreciation		-		(827	)
Property and equipment, net	$	-	$	263

Depreciation expense for the

three

and

nine

months ended

September 30, 2019

was

$0.1

million, and

$0.3

million, respectively. Depreciation expense for the

three

and

nine

months ended

September 30, 2018

was

$22,000,

and

$0.1

million, respectively.

During the

three

months ended

March 31, 2019,

the Company voluntarily discontinued substantially all research and development activities. As a result, as of

March 31, 2019

the Company performed an impairment assessment of the laboratory equipment used in development of vonapanitase by comparing the equipment’s carrying value to its estimated fair value, which was determined based on the recoverability of the assets remaining value as of

March 31, 2019.

As of

September 30, 2019,

the Company performed an additional impairment assessment due to the expiration of their lease agreement. The fair value of the remaining assets including office furniture, computer hardware and software licenses were determined be impaired as the Company determined there to be

no

future use for the assets. The Company recorded an impairment charges of

zero

and

$0.2

million during the

three

and

nine

months ended

September 30, 2019.

As of

September 30, 2019,

no

property and equipment balance remained as a result of the impairment.