Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies

Commitments and Contingencies

11. Commitments and Contingencies

        On May 1, 2012, we entered into a commercial building lease agreement. The sixty month lease, which commenced on August 10, 2012, provides for the lease of approximately 6,000 square feet of space in Cambridge, Massachusetts. Base annual rent is initially set at approximately $22,000 per month with an annual increase of 3%. From April 2011 through April 2012, we leased office space from a significant stockholder. There was no formal lease arrangement with the stockholder. In May 2012 we entered into an additional commercial building sublease agreement. The 24 month sublease, which commenced on August 26, 2013, provides for the lease of 1,900 square feet of space also in Cambridge, Massachusetts. Base rent is approximately $4 thousand per month with an annual increase of 3%. In June 2014, we entered into a commercial building lease agreement. The seventeen and a half month lease, which commenced on July 15, 2014, provides for the lease of an additional approximately 5,800 square feet of space in Cambridge, Massachusetts. Base annual rent is initially $27,272 per month with an annual increase of approximately 1.8%.

        Future minimum lease payments as of December 31, 2014 are as follows (in thousands):

Year
2015	$	646
2016		292
2017		173
2018		—
2019		—
	$	1,111

        Rent expense is recorded straight-line over the operating lease term, with deferred rent included on the balance sheet in other liabilities. Rent expense for the years ended December 31, 2014, 2013 and 2012 amounted to $0.6 million, $0.4 million, and $0.2 million, respectively.