10. Commitments and Contingencies

 

Offer Letters

 

The Company has entered into offer letters with certain of its executives. The letters provide for, among other items, salary, bonus and severance payments.

 

Office Lease

 

In August 2013, the Company entered into a lease for new corporate office space location in Baltimore, Maryland. The lease provides for three months of rent abatement and includes escalating rent payments. Rent expense is recognized on a straight‑line basis over the term of the lease. Rent expense for the office lease amounted to approximately $35,000 for the three months ended March 31, 2016 and 2015. Pursuant to the terms of such lease, the Company’s future lease obligation is as follows:

 

*Nine months remaining in 2016

Obligations to Contract Research Organizations and External Service Providers

 

The Company has entered into agreements with contract research organizations and other external service providers for services, primarily in connection with the clinical trials and development of the Company’s product candidates. The Company was contractually obligated for up to approximately $3.9 million of future services under these agreements as of March 31, 2016. The Company’s actual contractual obligations will vary depending upon several factors, including the progress and results of the underlying services.