5. Balance Sheet Components

Cash and Cash Equivalents

Cash and cash equivalents consist of the following:


	June 30, 2017		December 31, 2016
	(in thousands)
Cash	$	1,146	$	1,964
Cash equivalents:
Money market accounts		115,553		107,043

Total cash and cash equivalents	$	116,699	$	109,007

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


	June 30, 2017		December 31, 2016
	(in thousands)
Prepaid research and development project costs	$	141	$	515
Prepaid insurance		57		511
Other receivables		91		70
Other		277		247

Total prepaid expenses and other current assets	$	566	$	1,343

Property and Equipment, net

Property and equipment, net consists of the following:


	June 30, 2017			December 31, 2016
	(in thousands)
Computer equipment	$	255		$	255
Software		254			242
Leasehold improvements		110			110
Furniture and fixtures		45			45

Property and equipment, gross		664			652
Less: accumulated depreciation		(408	)		(252	)

Total property and equipment, net	$	256		$	400

Depreciation related to the Company’s property and equipment was $103,000 and $156,000 for the three and six months ended June 30, 2017, and was $54,000 and $106,000 for the three and six months ended June 30, 2016.

During the three months ended June 30, 2016, as a result of the decision to halt investment in PNT2258, the Company recorded impairment charges of $130,000 on its lab equipment (note 10).

Accrued Liabilities

Accrued liabilities consist of the following:


	June 30, 2017		December 31, 2016
	(in thousands)
Accrued research and development costs		2,736		1,600
Accrued employee-related costs	$	1,313	$	2,084
Accrued professional fees		619		381
Accrued restructuring costs (note 10)		206		763
Other		128		293

Total accrued liabilities	$	5,002	$	5,121