Facility Lease — On November 1, 2009, the Company entered into a noncancelable operating lease with a third party for office and laboratory space that was scheduled to expire in February 2013, subject to a three-year renewal option. In June 2012, the Company exercised its renewal option extending the lease through February 2016. On July 11, 2014, the Company signed a lease amendment for additional office space in the same building to expire concurrent with the lease agreement in February 2016. The Company terminated the lease agreement early in December 2015 without penalty.  The lease agreement and amendment included base rent escalation over the lease term therefore, the Company amortized the cost of the lease on a straight-line basis over the lease term.  The resulting deferred liability recorded in other current and long-term liabilities as of December 31, 2014 was $41,000. Rent expense under this lease was $920,000, $766,000, and $598,000 for the years ended December 31, 2015, 2014, and 2013, respectively.

On July 9, 2015, the Company entered into a noncancelable operating lease with a third party for office, laboratory and vivarium space that is scheduled to expire in February 2021, subject to a three-year renewal option. The lease agreement includes base rent escalation over the lease term which will be amortized on a straight-line basis over the lease term with the resulting deferred liability recorded in other current and long-term liabilities. The lease requires the Company to share in prorated expenses and property taxes based upon actual amounts incurred; those amounts are not fixed for future periods and, therefore, not included in the future minimum obligations listed below.

Future minimum lease payments under the non-cancelable operating lease are as follows (in thousands):