Loss on Impairment |
6 Months Ended |
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Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Loss on Impairment | Loss on Impairment The Company constructed a large capacity Fill/Finish Line for the future commercial manufacturing of RT001 topical and to support its clinical trials and regulatory license applications. In June 2016 following the results of the REALISE 1 Phase 3 clinical trial, the Company discontinued its RT001 topical clinical development programs for the treatment of crow’s feet and for the treatment of primary axillary hyperhidrosis. Long-lived assets such as the Company’s Fill/Finish Line are reviewed for impairment whenever adverse events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used are measured by a comparison of the carrying amount of the asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company performed an impairment analysis of the RT001 topical Fill/Finish Line to determine its fair value based on its highest and best use. Based on the analysis, the Company determined that for certain components of the Fill/Finish Line, the carrying value of the equipment was not entirely recoverable and the determined fair value, which was calculated using the market approach, is lower than the carrying value. Accordingly, during the three months ended June 30, 2016, the Company recorded a loss on impairment of $1.9 million related to certain components of the RT001 topical Fill/Finish Line. |