Related Party Transactions

9 Months Ended

Sep. 30, 2016

Related Party Transactions [Abstract]

Related Party Transactions

10. Related Party Transactions

In September 2012, the Company began receiving consulting and management services pursuant to an unwritten agreement with Third Rock Ventures, which is one of the Company’s largest shareholders. Charles Homcy and Kevin Starr, both directors of the Company, are venture partner and partner, respectively, of Third Rock Ventures. The consulting fees paid to Third Rock Ventures were incurred by the Company in the ordinary course of business, and were $7,000 and $31,000 for the three and nine months ended September 30, 2016 respectively, and $19,000 and $71,000 for the three and nine months ended September 30, 2015, respectively. As of September 30, 2016 and December 31, 2015, the Company had an outstanding liability to Third Rock Ventures of $12,000 and $13,000, respectively.

Effective July 29, 2013, the Company entered into a shared facilities and services agreement with GBT, a company that was majority-owned by Third Rock Ventures as of such date. In connection with that agreement, the Company reimbursed GBT for shared facilities and equipment of the Company’s former corporate headquarters location. During the three and nine months ended September 30, 2016, the Company did not reimburse any expenses or equipment to GBT, and during the three and nine months ended September 30, 2015, the Company reimbursed expenses and equipment of zero and $41,000 respectively, to GBT. There was no outstanding liability to GBT as of September 30, 2016 and December 31, 2015. In October 2014, the Company entered into a lease assignment agreement with the owner of the former headquarters building and GBT to allow GBT to sublease the Company’s portion of the office after the Company relocated to its new corporate headquarters.