Commitments and Contingencies

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

From time to time, the Company may become involved in litigation relating to claims arising from the ordinary course of business. Management believes that there are no claims or actions pending against the Company currently, the ultimate disposition of which would have a material adverse effect on the Company’s consolidated results of operation, financial condition or cash flows.

In June 2016, the Company amended one of its lease agreements to add additional laboratory and office space. The lease term for the additional space will commence in January 2017 and will terminate in March 2026, concurrently with the termination date for the existing space leased at the location and subject to the Company’s option to extend the lease term. The initial base rent will be approximately $85,505 per month, subject to rent abatement for the first four months of the lease and will increase at a rate of 3% annually. The amendment obligates the landlord to fund up to approximately $2.8 million of tenant improvements for the additional space.