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Restructuring Expenses

6 Months Ended

Jun. 30, 2015

Restructuring And Related Activities [Abstract]

Restructuring Expenses

(6) Restructuring Expenses

Beginning in 2013, the Company implemented several workforce restructurings to reduce operating costs, better focus its organizational structure, increase efficiency and concentrate financial resources on its clinical development program and European commercialization activity. This resulted in a total reduction in the Company’s workforce by 59 employees. As a result of termination benefits provided to these employees the Company has incurred a total restructuring charge of approximately $5.5 million for employee related expenses. At June 30, 2015, the remaining restructuring reserve of approximately $0.5 million is included in Accrued expenses on the condensed consolidated balance sheets.

In order to help reduce operating costs and more appropriately align its office space with the reduced size of its workforce, the Company entered into two sub-leases for office space at its 810 Seventh Avenue office. On May 22, 2014, the Company entered into a sub-lease agreement (“Sub-lease #1”) for approximately one-half of the office space at this location (“Suite 3500”), resulting in a lease restructuring reserve of approximately $0.9 million. On August 18, 2014, the Company entered into a sub-lease agreement (“Sub-lease #2”) for the remaining one-half of office space at its 810 Seventh Avenue office (“Suite 3505”), resulting in a lease restructuring reserve of approximately $0.7 million. As of June 30, 2015, the total remaining lease restructuring liability for its leased office space was approximately $1.1 million, of which approximately $0.2 million and $0.9 million were included in Accrued expenses and Other non-current liabilities on the condensed consolidated balance sheets, respectively.

The following table provides the year-to-date activity of the Company’s restructuring reserves as of June 30, 2015:

(in thousands)		Employee Costs				Lease Liability
Reserve balance at December 31, 2014		$	824			$	1,282
Charges			403				—
Payments/Utilizations			(756	)			(148	)
Reserve balance at June 30, 2015		$	471			$	1,134

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- References

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 420



-SubTopic 10



-Section S99



-Paragraph 2



-Subparagraph (SAB TOPIC 5.P.4)



-URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 420



-SubTopic 10



-Section S99



-Paragraph 1



-Subparagraph (SAB TOPIC 5.P.3)



-URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747



Reference 3: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 420



-SubTopic 10



-Section 50



-Paragraph 1



-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869



Reference 4: http://www.xbrl.org/2003/role/presentationRef



-Publisher SEC



-Name Staff Accounting Bulletin (SAB)



-Number Topic 5



-Section P



-Subsection 3, 4

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