Quarterly report pursuant to Section 13 or 15(d)

10. Commitments

10. Commitments
9 Months Ended
Sep. 30, 2016
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 $68,742 as prepaid rent as of September 30, 2016, with $39,281 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 $43,707 is outstanding as of September 30, 2016, with $24,740 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 leased office space in London, UK during 2014, however the lease was terminated in March 2015 in accordance with the terms of the lease.