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Operating Leases
6 Months Ended
Jun. 30, 2014
Leases [Abstract]  
Operating Leases

6. Operating Leases

The Company leases its office and research space under a five-year operating lease that is subject to escalation clauses. The current lease expires in October 2015. In connection with its lease arrangement, the Company received rent abatement as a lease incentive. The rent abatement has been recognized as deferred rent that will be adjusted on a straight-line basis over the term of the lease. Deferred rent was $150,234 and $200,947 at June 30, 2014 and December 31, 2013, respectively. Total rent expense for the three months ended June 30, 2014 and 2013 was $96,554 and $96,317, respectively, and $192,871 and $177,307 for the six months ended June 30, 2014 and 2013, respectively.

Please refer to note 10 (Subsequent Event) for a description of the Company’s lease agreement with BMR-Medical Center Drive LLC, which was entered into on July 23, 2014.