Related Party Transactions

9 Months Ended

Sep. 30, 2017

Related Party Transactions [Abstract]

Related Party Transactions

10. Related Party Transactions

The spouse of the Company’s former Chief Executive Officer previously provided consulting services to the Company. No payments were made to the spouse in the nine months ended September 30, 2017. For the three and nine months ended September 30, 2016, the Company paid $65,000 and $389,000, respectively, to the spouse in consulting fees, which were recorded in Research and Development expenses. As of September 30, 2017 and December 31, 2016, the Company had no outstanding liability to the related party.

One of the founders, a non-employee member of the Company’s board of directors, entered into a consulting agreement with the Company in 2014 under which the founder would receive $50,000 per year for a fixed number of hours of consulting and advisory services and receive equity incentive shares, which converted into 43,290 restricted stock awards and 13,852 stock options upon the LLC Conversion, with the vesting contingent on time and performance milestones being achieved. The Company paid $12,500 and $25,000 during each of the three months ended September 30, 2017 and 2016 and $37,500 and $50,000 during the nine months ended September 30, 2017 and 2016, respectively, to the founder under the consulting agreement. As of September 30, 2017 and December 31, 2016, the Company had no outstanding liability to the related party.