Related Party Transactions |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | 16. Related Party Transactions Certain employees of Third Rock Ventures, a stockholder of the Company, provide consulting services to the Company. General and administrative expense for these services of $12,000 and $23,600 were recorded for the three months ended June 30, 2016 and 2015, respectively and $24,000 and $32,000 for the six months ended June 30, 2016 and 2015, respectively. The amounts outstanding and included in accounts payable were $12,000 and $0 as of June 30, 2016 and December 31, 2015, respectively. Prior to the Company’s IPO, it entered into full recourse loans (“stockholder notes” or “loans”) with certain current and former executive officers. Principal and interest under these loans was due at the earliest of (i) the fifth anniversary of the related note, (ii) the sale of the shares securing the notes, or (iii) thirty days after the termination of services. The principal loan amount and the accrued interest are reported as a deduction from stockholders’ deficit on the Company’s balance sheets. These loans were repaid and terminated in August 2015 and April 2016. There was no outstanding balance at June 30, 2016 and approximately $78,000 was outstanding at December 31, 2015, respectively. Interest income earned on the loans was immaterial during the three and six months ended June 30, 2016 and 2015. Revenues from related parties refer to our collaboration agreement with Pfizer, one of our stockholders. The Company recognized revenue of $0.5 million and $0.5 million for the three months ended June 30, 2016 and 2015, respectively and $1.0 million and $0.8 million for the six months ended June 30, 2016 and 2015, respectively (Note 8). As of June 30, 2016 and December 31, 2015, deferred revenue relating to the Pfizer Agreement was $4.3 million and $4.9 million, respectively. The amount due from Pfizer under the agreement was $0.1 million and $0.4 million as of June 30, 2016 and December 31, 2015, respectively. |