| Operating Assets and Liabilities |
Section 4—Operating Assets and Liabilities
4.1 Equipment
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Equipment
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USD '000
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Cost:
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At January 1, 2016
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401
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Additions
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31
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Disposals
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(3
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)
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Exchange differences
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(15
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)
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At December 31, 2016
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414
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Additions
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3
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Disposals
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(363
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)
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Exchange difference
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12
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At December 31, 2017
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66
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Accumulated Depreciation:
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At January 1, 2016
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49
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Depreciation charge for the year
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109
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Disposals
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(3
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)
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Exchange difference
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(9
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)
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At December 31, 2016
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146
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Depreciation charge for the year
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19
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Disposals
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(363
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)
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Impairment (see below)
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208
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Exchange difference
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44
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At December 31, 2017
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54
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Net book value:
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At December 31, 2016
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268
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At December 31, 2017
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12
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Depreciation expense included within operating results for each of the years ended December 31, 2017, 2016 and 2015 is as follows:
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Year Ended December 31,
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2017
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2016
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2015
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USD '000
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USD '000
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USD '000
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Research and development costs
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224
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106
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34
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General and administrative costs
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3
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3
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3
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Total
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227
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109
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37
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As discussed in Note 1.1, the Company announced on March 1, 2017 a plan to reduce costs and wind-down research and development efforts of FP187®. In connection with winding down of research and development efforts, certain equipment that had been used in the development of FP187® was deemed impaired. Accordingly, during the year ended December 31, 2017, the Group recognized an impairment expense of $208,000 that is included in the above table within research and development costs.
4.2 Prepaid expenses
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December 31,
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2017
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2016
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USD '000
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USD '000
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Advanced payments to contract research and manufacturing organizations
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—
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132
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Insurance
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421
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450
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Other
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81
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74
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Total
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502
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656
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4.3 Other receivables
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December 31,
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2017
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2016
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USD '000
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USD '000
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VAT receivables
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513
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305
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Accrued interest income
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—
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117
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Other receivables
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5
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5
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Total
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518
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427
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4.4 Accrued liabilities
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December 31,
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2017
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2016
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USD '000
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USD '000
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Accrued amounts due in accordance with the Amendment (Note 3.4)
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11,757
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—
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Professional advisors
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910
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4,042
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Contract research and manufacturing organizations
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77
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715
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Other
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299
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310
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Total
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13,043
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5,067
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