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Commitments
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9 Months Ended | ||
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Sep. 30, 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 $127,664 as prepaid rent as of September 30, 2014, with $98,203 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 $77,147 is outstanding as of September 30, 2014, with $60,729 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. In September 2014, the Company served notice to the landlord of the office space in London in accordance with the terms of the break clause in the lease. 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 $42,347 and $69,483 for the three months ended September 30, 2014 and 2013, respectively, and $129,577 and $218,223 for the nine months ended September 30, 2014 and 2013, respectively.
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