3. Consolidated Financial Statement Detail

Cash and Cash Equivalents

At December 31, 2015, cash and cash equivalents consisted of demand deposits of $23.2 million and money market funds of $42.6 million with maturities of less than 90 days at the date of purchase. At December 31, 2014, cash and cash equivalents consisted of demand deposits of $10.8 million and money market funds of $67.6 million with maturities of less than 90 days at the date of purchase.

Marketable Securities

At December 31, 2015, marketable securities consisted of an investment in the common stock of a public entity of $0.5 million. At December 31, 2014, there were no marketable securities. The Company had no unrealized gains or losses associated with its marketable securities as of December 31, 2015.

Foreign Exchange Options

The Company holds debt and may incur revenue and expenses denominated in foreign currencies, which exposes it to market risk associated with foreign currency exchange rate fluctuations between the U.S. dollar and the Euro. The Company is required in the future to make principal and accrued interest payments in Euros on its €15.0 million loan from Servier (see Note 8). In order to manage its foreign currency exposure related to these payments, in May 2011, the Company entered into two foreign exchange option contracts to buy €1.5 million and €15.0 million in January 2014 and January 2016, respectively. By having these option contracts in place, the Company’s foreign exchange rate risk is reduced if the U.S. dollar weakens against the Euro. However, if the U.S. dollar strengthens against the Euro, the Company is not required to exercise these options, but will not receive any refund on premiums paid.

Upfront premiums paid on these foreign exchange option contracts totaled $1.5 million. The fair values of these option contracts are revalued at each reporting period and are estimated based on pricing models using readily observable inputs from actively quoted markets. The fair values of these option contracts are included in other assets on the consolidated balance sheet and changes in fair value on these contracts are included in other income (expense), net on the consolidated statements of comprehensive loss.

As of December 31, 2014, one option contract had expired.  The remaining foreign exchange option was revalued at December 31, 2015 and 2014 and the fair value was zero.  The Company recognized losses of $6,000, $0.4 million, and $0.1 million related to the revaluation of these options for the years ended December 31, 2015, 2014, and 2013, respectively.

Trade and Other Receivables, net

Trade receivables are stated at their net realizable value.  Specific allowances are recorded for known troubled accounts or based on other available information. The Company reviews their exposure to accounts receivable, including the requirement for allowances based on management’s judgment. The Company has not historically experienced any significant losses. As of December 31, 2015 and 2014, the allowance for doubtful accounts amounted to $0.2 million and $0.4 million, respectively. Trade receivables are written off after all reasonable means to collect the full amount have been exhausted. The Company has not historically experienced any significant losses.

Trade and other receivables consisted of the following (in thousands):

Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):

As of December 31, 2015, property and equipment held under capital leases, included under construction-in-progress above, amounted to $0.2 million, with accumulated depreciation of zero. Depreciation and amortization expense was $1.5 million, $1.9 million, and $2.9 million for the years ended December 31, 2015, 2014, and 2013, respectively. In December 2015, the Company completed the sale of its land, building and certain equipment used for its manufacturing operations (see Note 6). The related cost and accumulated depreciation and amortization amounts of $15.9 million and $13.7 million, respectively, have been removed from the consolidated balance sheet and a gain of $3.5 million was recorded on the other income (expense), net line of the Company’s consolidated statements of comprehensive loss for the year ended December 31, 2015.  

Accrued and Other Liabilities

Accrued and other liabilities consisted of the following (in thousands):