Commitments and Contingencies

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies

Commitments and Contingencies

6.Commitments and Contingencies

The Company leases approximately 32,000 square feet of research and office space under a non‑cancelable operating lease expiring in 2023. The Company has an option to renew the lease for one additional five‑year term. Expense recognition is based upon a straight‑line basis and was $149,427 and $96,525 for the three months ended September 30, 2016 and 2015, respectively, and $376,651 and $284,890 for the nine months ended September 30, 2016 and 2015, respectively.

On March 31, 2016 the Company amended a corporate development agreement with a supplier to include a minimum purchase commitment per year. Total research and development expense related to the minimum payment was $291,000 and $0 for the three months ended September 30, 2016 and 2015, respectively, and $544,890 and $0 for the nine months ended September 30, 2016 and 2015, respectively.