Related Party Transactions

3 Months Ended

Mar. 31, 2017

Related Party Transactions [Abstract]

Related Party Transactions

10. Related Party Transactions

The spouse of the Company’s Chief Executive Officer previously provided consulting services to the Company. For the three months ended March 31, 2017, there were no payments made to the spouse in consulting fees. For the three months ended March 31, 2016, the Company paid $129,000 to the spouse in consulting fees, which were recorded in Research and Development expenses. As of March 31, 2017 and December 31, 2016, the Company had no outstanding liability to the related party.

One of the founders, a non-employee member of the Company’s Board of Directors, entered into a consulting agreement with the Company in 2014 under which the founder would receive $50,000 per year for a fixed number of hours of consulting and advisory services and receive equity incentive shares, which converted into 43,290 restricted stock awards and 13,852 stock options upon the LLC Conversion, with the vesting contingent on time and performance milestones being achieved. For the three months ended March 31, 2017, there were no payments made to the Founder under the consulting agreement. For the three months ended March 31, 2016, the Company paid $13,000 to the Founder under the consulting agreement. As of March 31, 2017 and December 31, 2016, the Company had no outstanding liability to the related party.