Commitments and Contingencies

9 Months Ended

Sep. 30, 2017

Commitments and Contingencies

Commitments and Contingencies

9.            Commitments and Contingencies

Commitments

Lease Agreements

In March 2007, the Company entered into a lease agreement for an unlimited period starting in December 2007 with CONTRA Liegenschaftsverwaltung GmbH for the use of business and research premises at Leberstrasse 20, 1110 Vienna. Within the first 10 years the contract can only be terminated under certain conditions. The monthly rental fee for the premises and laboratory furniture was $88,000 and $85,000, as of September 30, 2017 and December 31, 2016, respectively, and includes all operating costs. Additional monthly costs for facility management and security services amounted to $9,000 and $9,000 as of September 30, 2017 and December 31, 2016, respectively.

In July 2015, the Company entered into a lease agreement with CardConnect, LLC, for the use of office premises at 1000 Continental Drive, Suite 600, King of Prussia, PA 19406, USA with the lease term continuing until December 2023. The monthly base rental fee was approximately $40,000 and $40,000 as of September 30, 2017 and December 31, 2016, respectively.

The obligations under the lease agreements are payable as follows:

(in thousands)	As of December 31, 2016		As of September 30, 2017
No later than 1 year	$	1,484	$	770
Later than 1 year and no later than 5 years	2,536		2,563
Later than 5 years	507		111
Total	$	4,527	$	3,444

Other contractual commitments

In addition to the agreements described above, the Company has other contractual commitments related primarily to contracts entered into with contract research organizations and contract manufacturing organizations in connection with the conduct of clinical trials and other research and development activities.The estimated payments to the services providers included in the table below are based solely on the estimated work to be performed by them to complete the trials and other activities along with the anticipated achievement of  milestones included within the agreements. Also,some of these contracts are subject to early termination clauses exercisable at the discretion of the Company. Minimum required payments, if any, under these agreements are deemed to be immaterial.

The remaining payments to be made under these agreements are estimated as follows:

(in thousands)	As of December 31, 2016		As of September 30, 2017
No later than 1 year	$	51,685	$	33,636
Later than 1 year and no later than 5 years	6,241		185
Total	$	57,926	$	33,821

The estimated payments to the services providers included in the table above are based solely on the estimated work to be performed by them to complete the clinical trials and other research and development activities along with the anticipated achievement of the milestones included within the agreements. The Company is not obligated to make minimum required payments under these service agreements.

Contingencies

The Company has no contingent liabilities in respect of legal claims arising in the ordinary course of business.