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Accrued Expenses
3 Months Ended
Mar. 31, 2016
Payables and Accruals [Abstract]  
Accrued Expenses
4. Accrued Expenses

Accrued expenses consisted of the following:

 

     March 31,
2016
     December 31,
2015
 
     (In thousands)  

Employee compensation and benefits

   $ 625       $ 1,281   

In-process research and development obligation

     400         600   

Research and development and professional expenses

     1,948         907   
  

 

 

    

 

 

 

Accrued expenses

   $ 2,973       $ 2,788   
  

 

 

    

 

 

 

In July 2014, the Company entered into agreements with Caribou Biosciences, Inc. (“Caribou”), under which the Company received a license for certain patents and limited research and development services from Caribou. The in-process research and development obligation represents the portion of the Company’s obligation under these agreements that is attributable to the license.