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Subsequent Event
6 Months Ended
Jun. 30, 2014
Subsequent Events [Abstract]  
Subsequent Event

10. Subsequent Event

On July 23, 2014, the Company and BMR-Medical Center Drive LLC (the Landlord) entered into a lease agreement for the Company’s future corporate headquarters in Rockville, Maryland (the Lease). Under the Lease, which will have an 8-year term commencing on November 1, 2015, the Company will lease 33,843 square feet of office and laboratory space and will pay $607,500 in annual base rent over the term of the Lease, subject to annual escalation clauses. The Company will also have the right to sublease or assign all or a portion of the premises, subject to the conditions set forth in the Lease. The Lease may be terminated early by either the Landlord or the Company in certain circumstances.

 

The Company will continue to incur rent expenses for its current headquarters in Gaithersburg, Maryland under its current lease that expires in October 2015.