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Commitments
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3 Months Ended | ||
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Mar. 31, 2014
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| Commitments And Contingencies Disclosure [Abstract] | |||
| Commitments |
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 $142,394 as prepaid rent as of March 31, 2014, with $112,934 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 $86,518 is outstanding as of March 31, 2014, with $70,611 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, UK, which is due to expire in March 2017. The Company also leased laboratory space in London, UK during 2013, however this lease was terminated in December 2013. Rent expense is calculated on a straight-line basis over the term of the lease. Rent expense under the Company’s operating leases was $44,043 and $75,271 for the three months ended March 31, 2014 and 2013, respectively. |