4. BALANCE SHEET COMPONENTS

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

4. BALANCE SHEET COMPONENTS

Property and equipment, net

Property and equipment consist of the following as of March 31, 2016 and December 31, 2015:

	March 31, 2016			December 31, 2015
Laboratory equipment	$	514,214		$	514,214
Computer equipment and software		142,868			139,984
Office furniture and fixtures		130,192			130,192
		787,274			784,390
Less: Accumulated depreciation		(753,241	)		(748,604	)
	$	34,033		$	35,786

Depreciation expense was approximately $5,000 and $17,000 for the three months ended March 31, 2016 and 2015, respectively.

Accrued liabilities

Accrued liabilities consist of the following as of March 31, 2016 and December 31, 2015:

	March 31, 2016		December 31, 2015
Operating costs	$	3,753,623	$	2,559,092
Employee related		76,719		545,715
	$	3,830,342	$	3,104,807