Commitments and contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Lease commitments

On April 29, 2014, the Company leased office space in Boston, Massachusetts under an operating lease that is scheduled to expire on August 31, 2017. Additionally, on October 21, 2014, the Company leased office space in New York, New York under an operating lease that was scheduled to expire on October 31, 2016. The lease was amended in January 2016 (see Note 16). As of December 31, 2015, the minimum future lease payments under the Company's operating leases were as follows:



2016	$	323,190
2017	168,793
Total minimum lease payments	$	491,983

Rent expense is being recognized on a straight-line basis. The Company recorded approximately $253,000 of rent expense for the twelve months ended December 31, 2015 and $152,000 of rent expense for the period from February 26, 2014 (inception) to December 31, 2014.

Royalty agreement

In March 2014, the Company entered into a royalty agreement with certain of its founders. Under the agreement, the Company agreed to pay the founders an aggregate royalty of 2% of gross sales of the Company's products in perpetuity. No royalty amounts were owed to the founders as of December 31, 2015 or 2014.

Litigation

The Company is not a party to any litigation and does not have contingency reserves established for any litigation liabilities as of December 31, 2015.