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Commitments and Contingencies
9 Months Ended
Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Commitments and Contingencies
In April 2013, the Company entered into an office lease (the “Lease”) with BMR-Wateridge LP, located in San Diego, California. The lease requires the lessor to complete and pay for certain improvements to the building before the commencement of the lease which is estimated to be in the fourth quarter of 2013. As of September 30, 2013 the lessor has completed approximately $1.8 million of these improvements. This amount has been recorded as a leasehold improvement within fixed assets on the condensed consolidated balance sheet, offset by a corresponding amount recorded in deferred rent. The initial term of the Lease is ten years. The Company intends to use the facility for office and research and development purposes.
The base rent adjusts periodically throughout the ten year term of the Lease, with monthly payments ranging from zero to $82,945. In addition, the Company will pay the landlord our share of operating expenses and a property management fee and has paid a security deposit of $64,000.