12.	Commitments and Contingencies

Leases

The Company leases office and laboratory space under an operating lease agreement. The lease expires in January 2018 with no extension periods. The Company does have a right of expansion over the term as additional space becomes available but not an obligation.

On February 13, 2015, the Company entered into a sublease for office space with a term expiring in May 2016.

On April 1, 2015, the Company entered into a lease for additional office and laboratory space with a term expiring in April 2020.

During the years ended December 31, 2015, 2014 and 2013, the Company recognized $1,246, $543 and $152 respectively, of rental expense related to office and laboratory space.

On November 11, 2015, the Company entered into a non-cancelable property lease with BMR-Sidney Research Campus LLC (“BMR”) for 83,396 square feet of office, laboratory and pilot manufacturing space at 200 Sidney Street, Cambridge, Massachusetts. The lease term is expected to commence in March 2016 and end in November 2023. The Company has the option to extend the lease twice, each for a five-year period. The Company intends to move its corporate headquarters to this location in mid-2016. BMR will contribute a total of $12,509 toward the cost of tenant improvements. BMR’s contributions toward the cost of tenant improvements will be recorded as a lease incentive obligation on our consolidated balance sheet. The lease incentive obligation will be amortized to our consolidated statement of operations as reductions to rent expense over the lease term. As of December 31, 2015, we have recorded a lease incentive obligation of $586.

Future minimum lease payments for these operating leases as of December 31, 2015 are as follows:

Year Ending December 31,
2016	$	1,274
2017		1,162
2018		643
2019		478
2020		80
2021 and thereafter		-
Total	$	3,637

Lease Commitments

Minimum lease payments due under the Sidney Street lease are $911 during the year ending December 31, 2016, $5,528 during the year ending December 31, 2017, $5,694 during the year ending December 31, 2018, $5,864 during the year ending December 31, 2019, $6,040 during the year ending December 31, 2020 and $17,752 thereafter. These amounts are not included within the future minimum lease payments table above as our lease with BMR had not commenced as of December 31, 2015.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of December 31, 2015 or 2014.