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Commitments and Contingencies
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 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 as of September 30, 2014 are as follows (in thousands):

 

Fourth quarter 2014

    $ 916   

Year Ended December 31, 2015

      3,832   

Year Ended December 31, 2016

      4,166   

Year Ended December 31, 2017

      4,291   

Year Ended December 31, 2018

      3,348   

Thereafter

      507   
  

 

 

  
   $ 17,060   
  

 

 

  

Subsequent to September 30, 2014, the Company entered into a five year lease agreement for additional office space effective February 1, 2015. The Company also amended its office and laboratory space lease originally expiring on March 31, 2018 to be co-terminus with the new lease.

 

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 does not believe it is currently subject to any material matters where there is at least a reasonable possibility that a material loss may be incurred.