7.Commitments

In November 2010, the Company entered into an operating lease agreement for office and laboratory space, which has been amended multiple times. Based on the latest amendment, the lease agreement includes escalating rent payments and is effective through June 30, 2020. The Company is recognizing rent expense on a straight-line basis over the lease term.

Future minimum payments required under the non-cancelable operating lease as of June 30, 2018 are summarized as follows (in thousands):

Period Ending December 31,	Amount

2018	700
2019	1,421
2020	721

Total minimum lease payments	$	2,842

The Company recognized $0.3 million in rent expense for the three months ended June 30, 2018 and 2017, respectively. The Company recognized $0.7 million and $0.6 million in rent expense for the six months ended June 30, 2018 and 2017, respectively.