Annual report pursuant to Section 13 and 15(d)

Commitments

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Commitments
12 Months Ended
Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]  
Commitments
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.