Commitments and contingencies

6 Months Ended

9 Months Ended

Jun. 30, 2012

Dec. 31, 2011

Commitments and contingencies.

Commitments and contingencies

9. Commitments and contingencies

        From August 2011 through December 2011, the Company leased office space from a significant stockholder. There was no formal lease arrangement with the stockholder.

        On May 1, 2012, the Company entered into a commercial building lease agreement. The sixty month lease, which the Company expects will begin on or about August 13, 2012, provides for the lease by the Company of approximately 6,000 square feet of space in Cambridge, Massachusetts. Base annual rent is initially set at approximately $22,000 per month with an annual increase of 3%.

        Future minimum lease payments under this lease as of June 30, 2012 are as follows (in thousands):

Year
2012	$	110
2013		267
2014		275
2015		284
2016		292
Thereafter		173
	$	1,401

8. Commitments and contingencies

        From August 2011 through December 2011, the Company leased office space from a significant stockholder. There was no formal lease arrangement with the stockholder. The Company recorded rent expense of $41,000 for the period from April 5, 2011 (inception) to December 31, 2011.

        The following table summarizes the Company's contractual obligations.

(in thousands)	Total		2012		2013		2014		2015		Beyond 2015
License agreement (Note 10)	$	435	$	162	$	149	$	62	$	62	$		*
Lease agreement (entered into May 1, 2012; Note 13)	$	1,414	$	123	$	267	$	275	$	284	$	465
Manufacturing agreement (entered into February 21, 2012)	$	1,350	$	390	$	960		—		—		—

*

After 2015, the annual obligations, which extend through the life of the license agreement, are approximately $62,000 per year. The agreement is cancellable by the Company.