SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Summary of Estimated Useful Lives of Property and Equipment

The Company generally depreciates the cost of its property and equipment using the straight-line method over the estimated useful lives of the respective assets, which are summarized as follows:

Asset Category	Useful lives
Lab equipment	5 years
Office equipment	5 years
Software and computer equipment	5 years
Leasehold improvements	Lesser of the useful life or the term of the respective lease
Land	Not depreciated
Building	30 years
Construction in Progress	Not depreciated until put into service

Summary of Estimated Future Amortization for Patent Costs

The following table summarizes the estimated future amortization for patent costs for the next five years:

	As of December 31, 2014 (in thousands)
2015	$	479
2016		479
2017		464
2018		456
2019		450
Total	$	2,328