Commitments and contingencies

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies [Abstract]

Note 6—Commitments and contingencies

Operating Lease

The Company leases its office and laboratory space under a non-cancelable operating lease which is scheduled to expire on March 31, 2017. The lease agreement includes an initial base rent beginning in March 2014 with an escalation of 2.06% of the base rent in year two and another 2.06% increase in year three.

Rent expense was $87,000 and $94,000 for the three months ended June 30, 2016 and 2015, respectively, and $172,000 and $173,000, respectively, for the six months ended June 30, 2016 and 2015.

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on its financial condition, results of operations or cash flows.