Property and Equipment, Net

12 Months Ended

Dec. 31, 2013

F. Property and Equipment, Net

Property and equipment consisted of the following as of December 31, 2013 and 2012, respectively (in thousands):

	December 31,

	2013			2012
Furniture and fixtures	$	1,536		$	5,326
Leasehold improvements		430			5,373
Laboratory and production equipment		376			115
Construction in process		—			228


		2,342			11,042
Less—accumulated depreciation		(496	)		(7,745	)


Property and equipment, net	$	1,846		$	3,297

In September 2013, we relocated our corporate offices from Lexington, Massachusetts to Waltham, Massachusetts. In connection with our relocation, we recorded $1.6 million of new leasehold improvements and furniture and fixtures related to our new location. In addition, during 2013, we recorded $3.0 million of depreciation expense, including $1.9 million of accelerated depreciation expense related to fixed assets at our prior office facility.

During 2012, we determined that certain assets related to our Cambridge, Massachusetts manufacturing facility, including the related land, building and certain equipment, met the criteria established by current accounting guidance for classifying assets as held for sale. As a result, we reclassified these assets from property, plant and equipment to assets held for sale in our consolidated balance sheet as of December 31, 2012 and recorded the value of these assets at $2.0 million, their estimated fair market value. In October 2013, we sold our Cambridge, Massachusetts manufacturing facility, including the land and building, to 61 Mooney Street LLC. We received $2.0 million in consideration for the land and building at the time of sale and we did not recognize a material gain or loss on this transaction. In addition, we sold certain equipment previously reclassified as held for sale and recognized a $0.4 million gain during 2013.

- 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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