Quarterly report pursuant to Section 13 or 15(d)

11. Commitments

11. Commitments
9 Months Ended
Sep. 30, 2015
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. With the execution of this lease, the Company is required to maintain a $66,000 letter of credit as a security deposit. In connection with the Lexington lease, the Company recorded $98,203 as prepaid rent as of September 30, 2015, of which $68,742 is 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 $60,768 is outstanding as of September 30, 2015, with $43,270 recorded as a non-current liability. This liability is repayable as additional rent expense over the term of the lease and bears interest at 6%. In addition, the Company leases office space in London, U.K., which is due to expire in March 2017. The Company also leased office space in London, U.K. during 2014, however the lease was terminated in March 2015 in accordance with the terms of the lease.