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Operating Leases
6 Months Ended
Jun. 30, 2015
Leases [Abstract]  
Operating Leases

6. Operating Leases

The Company leases office and research space in Gaithersburg, Maryland under a five-year operating lease that is subject to escalation clauses. The lease expires in October 2015. In connection with this lease arrangement, the Company received rent abatement as a lease incentive. The rent abatement has been recognized as deferred rent that is being adjusted on a straight-line basis over the term of the lease. Deferred rent related to this lease was $38,327 and $97,012 at June 30, 2015 and December 31, 2014, respectively. The Company will continue to incur rent expenses under this lease through October 2015.

The Company also entered into a lease agreement for the Company’s new 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 moved into the new headquarters in June 2015. In connection with this lease arrangement, the Company received rent abatement as a lease incentive. The rent abatement and escalations are recognized as deferred rent that is being adjusted on a straight-line basis over the term of the Lease. Deferred rent related to the Lease was $28,155 at June 30, 2015.

Total rent expense under these leases was $123,962 and $96,554 for the three months ended June 30, 2015 and 2014, respectively, and $220,360 and $192,871 for the six months ended June 30, 2015 and 2014, respectively.