Accrued Expenses

9 Months Ended

Sep. 30, 2014

6. Accrued Expenses

Accrued expenses are as follows:

	September 30,		December 31,
	2014		2013
Professional fees	$	1,887,471	$	2,452,067
Accrued bonus		626,342		439,435
Accrued vacation		179,219		109,921
Accrued severance		180,214		—
Accrued payroll		313,641		—
Other		303,400		186,338
Total accrued expenses	$	3,490,287	$	3,187,761

In February 2014, the Company entered into a separation agreement with an employee primarily as a result of the transition to the Company’s Cambridge, Massachusetts location. During the first quarter of 2014, the Company recorded severance expense in the amount of $323,685, which was recorded to general and administrative expense. During the first nine months of 2014, approximately $189,000 was paid out of the severance accrual. At September 30, 2014, $133,532 remained in accrued expenses in relation to the unpaid severance costs, which will be paid out through February 2015.

In August 2014, the Company entered into a separation agreement with an employee, which became effective on August 13, 2014. The Company will record the expense and liability associated with the separation agreement ratably over the period from August 5, 2014 through December 31, 2015 because the severance payments are subject to continued service and forfeiture until December 31, 2015. During the third quarter of 2014, the Company recorded severance expense in the amount of $46,682, which was recorded to research and development expense and will be paid out beginning January 2015 through December 2015.