Accrued Expenses

6 Months Ended

Jun. 30, 2015

5. Accrued Expenses

Accrued expenses are as follows:

	June 30,		December 31,
	2015		2014
	(in thousands)
Professional fees	$	1,707	$	2,460
Accrued bonus		653		1,286
Accrued vacation		263		177
Accrued severance		60		179
Accrued payroll		212		213
Other		596		549
Total accrued expenses	$	3,491	$	4,864

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 $0.3 million, which was recorded to general and administrative expense. During the first six months of 2015, approximately $46,000 was paid out of the severance accrual. At June 30, 2015, $0 remained in accrued expenses in relation to this separation agreement.

In August 2014, the Company entered into a separation agreement with an employee. The Company records 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 second quarter of 2015, the Company recorded severance expense in the amount of $0.1 million, which was recorded to research and development expense. During the first six months of 2015, approximately $0.2 million was paid out of the severance accrual. Payments under this separation agreement will be paid out through December 2015.