Operating Leases

12 Months Ended

Dec. 31, 2016

9. Operating Leases

The Company leases office space located in Princeton, New Jersey and New York, New York under operating lease arrangements. The lease for the Company's principal Princeton office space expires in February 2018, whereas the lease for the Company's New York office space expires in January 2018. Future minimum rental commitments under non-cancelable operating leases in effect as of December 31, 2016, are as follows:



2017	$	4,316
2018	249
Total	$	4,565

Rent expense is calculated on the straight-line basis and amounted to $3.0 million, $2.1 million and $1.0 million for the years ended December 31, 2016, 2015 and 2014, respectively. In January 2017, the Company terminated its office leases in New York, NY and Princeton, NJ and made aggregate termination payments of approximately $2.1 million. The table above includes these termination payments, as well as the Company’s continuing rent obligations through February 2018.