Basis of Presentation

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The prior year financial statements contain certain reclassifications to the results of operations for the years ended December 31, 2013 and 2012 to conform to the presentation for the year ended December 31, 2014 in this Form 10-K. These reclassifications were made in conjunction with the Company’s de-emphasis on its commercial product LAVIV® and towards further research and development of the underlying azficel-T process as well as on developing first-in-class treatments for rare and serious skin and connective tissue diseases with high unmet medical needs.

For the year ended December 31, 2014, amortization expense of approximately $0.6 million was included in research and development expense on the Consolidated Statements of Operations. For the years ended December 31, 2013 and 2012, amortization expense of approximately $0.6 million and $0.6 million, respectively, was reclassed from cost of sales to research and development expense on the Consolidated Statements of Operations to conform to the current presentation. For the year ended December 31, 2014, the Company’s Food and Drug Administration (“FDA”) license fees related to its Biologics License Application (“BLA”) of approximately $0.6 million were included in research and development expense on the Consolidated Statements of Operations. For the years ended December 31, 2013 and 2012, FDA license fees of approximately $0.6 million and $0.6 million, respectively, were reclassed from selling, general and administrative expense to research and development expense on the Consolidated Statements of Operations to conform to the current presentation.

On April 30, 2013, the Company completed a reverse stock split on the basis of one share of common stock for each currently outstanding 25 shares of pre-split common stock.  All common share and per share data included in these financial statements reflect this reverse stock split.