Annual report pursuant to Section 13 and 15(d)

Commitments

Commitments

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

9.	Commitments

The Company leases office space in London, UK which is due to expire in March 2017. The Company also leased laboratory space in London, UK during 2013 and 2012, however this lease was terminated in December 2013. In August 2013, the Company entered into an agreement to lease office and laboratory space in Lexington, Massachusetts under an operating lease with a commencement date of January 1, 2014 and a termination date of January 31, 2019. With the execution of this lease, the Company is required to maintain a $66,000 letter of credit as a security deposit.

The Company’s contractual commitments under all non-cancelable operating leases as of December 31, 2013 are as follows:


As of December 31,	Total Operating Leases
2014	$	137,489
2015		148,706
2016		152,665
2017		114,148
2018		106,563
Thereafter		8,908

Total minimum lease payments	$	668,479

Rent expense is calculated on a straight-line basis over the term of the lease. Rent expense under the Company’s operating leases was $280,606 and $371,069 for the years ended December 31, 2013 and 2012 respectively.