Quarterly report pursuant to Section 13 or 15(d)

10. Commitments

10. Commitments
3 Months Ended
Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  

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. In connection with this lease, the Company is required to maintain a $66,000 letter of credit as a security deposit. In addition, the Company recorded $54,012 as prepaid rent as of March 31, 2017, with $24,551 recorded as a non-current asset. The Company also incurred a liability of $89,074 with respect to the Company’s contribution to the landlord’s leasehold improvements, of which $34,153 is outstanding as of March 31, 2017, with $15,008 recorded as a non-current liability, respectively. This liability is repayable as additional rent expense over the term of the lease and bears interest at 6%. The Company also leases office space in Miami, Florida, during 2017 requiring a total of $9,975 in payments through the lease termination in December 2017.