Property and Equipment

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

Property and equipment consist of the following as of March 31, 2015, and December 31, 2014 (in thousands):



	March 31, 2015			December 31, 2014
Leasehold improvements	$	2,589		$	2,559
Lab and clean room equipment	3,176			3,040
Furniture and office equipment	2,600			2,398
Construction in progress	1,928			949
Property and equipment, gross	10,293			8,946
Less accumulated depreciation	(3,853		)	(3,499		)
Property and equipment, net	$	6,440		$	5,447

Included in net property and equipment is approximately $427,000 of equipment covered under capital leases. The corresponding liability of approximately $221,000 is included in other liabilities in the accompanying Condensed Consolidated Balance Sheets. Interest rates for these leases range from approximately 3% to 12% with maturity dates from September 2016 to January 2018.

Also included is approximately $1.0 million in leasehold improvements paid for by the landlord of the Company's main facility with a corresponding liability included in other liabilities which is amortized over the term of the lease.

Depreciation expense for the three months ended March 31, 2015 and 2014, was approximately $354,000 and $263,000, 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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