Accounts Payable & Other Current Liabilities

6 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

Accounts Payable & Other Current Liabilities

Accounts Payable & Other Current Liabilities

Accounts payable and other current liabilities consist of the following:

(in thousands)	JUNE 30, 2015		DECEMBER 31, 2014
Accounts payable	$	2,072	$	2,068
Accrued expenses and other liabilities:
Employee benefits and compensation related accruals(1)	1,431		2,257
General and administrative related accruals	1,289		731
Research and development related accruals	4,263		3,280
Accrued income taxes(2)	8,655		—
	$	17,710	$	8,336

(1) Comprised of accrued bonus, accrued vacation, and liabilities under the Company’s employee stock purchase plan.

(2) Accrued income taxes are the result of the tax gain from the IP Assignment and are expected to be substantially offset by current year losses. Refer to Note 9 for a description of the tax impact of the IP Assignment.