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Operating Leases
9 Months Ended
Sep. 30, 2015
Leases [Abstract]  
Operating Leases

6. Operating Leases

 

The Company leases office and research space in Rockville, Maryland under an eight-year operating lease (the Lease) that is subject to 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.  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 the Lease was $186,526 at September 30, 2015.

 

The Company’s lease for office and research space in Gaithersburg, Maryland expired in October 2015.

 

Total rent expense under the Company’s operating leases was $216,765 and $96,317 for the three months ended September 30, 2015 and 2014, respectively, and $437,125 and $289,188 for the nine months ended September 30, 2015 and 2014, respectively.