XML 35 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2014
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

6. Commitments and Contingencies

Operating Leases

The Company leases office and laboratory space in Rockville, Maryland under a lease that expires on March 31, 2018, and leases a manufacturing facility in Rockville under a lease that originally expired on December 31, 2014. The Company has an option under each lease to continue the respective lease for five years under the same terms. During the three months ended March 31, 2014, the Company extended the manufacturing facility lease until December 31, 2019. The Company also entered into a new four year lease for additional space in the manufacturing facility effective April 1, 2014. This lease also has an option to continue the lease for five years under the same terms. The Company also subleases office and laboratory space in South San Francisco under a lease that expires on December 31, 2018. All of the leases contain rent escalation clauses. For financial reporting purposes, rent expense is charged to operations on a straight-line basis over the term of the lease.

Future minimum lease payments under noncancelable operating leases are as follows:

 

Year Ended December 31,

   

2014

    $ 3,651,421   

2015

      3,832,380   

2016

      4,165,884   

2017

      4,290,860   

2018

      3,347,977   

Thereafter

      506,569   
  

 

 

  
   $ 19,795,091   
  

 

 

  

 

Contingencies

From time to time, the Company may be subject to various litigation and related matters arising in the ordinary course of business. The Company believes it is not currently subject to any material matters where there is at least a reasonable possibility that a material loss may be incurred.