PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

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

	September 30, 2019			December 31, 2018
Furniture and office equipment	$	2,600		$	2,237
Machinery and equipment	2,731			11,391
Laboratory equipment	351			351
Leasehold improvements	9,858			9,858
	15,540			23,837
Less: Accumulated depreciation and amortization	(11,667		)	(10,773		)
Property and equipment, net	$	3,873		$	13,064

During the three and nine months ended September 30, 2019, the Company recorded depreciation expense of $0.3 million and $0.9 million, respectively.

In September 2019, the Company committed to a plan to dispose by abandonment certain owned machinery, with a carrying value of $9.6 million, residing at a manufacturing supplier as it would no longer be used in future production. The Company recognized a loss on disposition of equipment of $10.1 million, inclusive of $0.5 million for disposal costs, in Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Comprehensive Income during the three months ended September 30, 2019.