Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

We consider events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. There were no material recognized subsequent events recorded in the condensed consolidated financial statements as of and for the three and six months ended June 30, 2015.

Operating Lease

On July 20, 2015, the Company entered into a Second Amendment to the Lease (the “Second Lease Amendment”) with Forest City 88 Sidney, LLC (the “Landlord”), which amends certain terms of the Company’s existing lease with the Landlord. The Second Lease Amendment expands the rentable square footage of the Company’s leased premises from approximately 113,220 square feet to approximately 146,030 square feet. Pursuant to the Second Lease Amendment, the date on which the Company will become responsible for paying rent with respect to such additional square footage is November 1, 2015 (the “Expansion Space Rent Commencement Date”). The monthly base rent will increase from approximately $549,000 to approximately $727,000 on the Expansion Space Rent Commencement Date, and will further increase on the first anniversary of the Expansion Space Rent Commencement Date and on each anniversary thereafter up to a maximum monthly base rent of approximately $844,000. The Second Lease Amendment also provides for, among other things, an increase of the tenant improvement allowance from approximately $16.6 million to approximately $20.5 million and an increase of the Company’s existing security deposit with the Landlord from approximately $2.2 million to approximately $2.9 million.