11 . Commitments and Contingencies Leases The Company previously leased office and laboratory space with a lease term expiring in January 2018 and no extension periods. In May 2016, upon mutual agreement with the landlord, the Company accelerated the termination of the operating lease to June 30, 2016. Upon termination of the lease, the Company recorded a benefit to rent expense of $136 to write off amounts previously recorded as deferred rent. The outstanding security deposit of $119, which is secured by a cash collateralized letter of credit, will remain in place until 90 days after termination in accordance with the original lease. On November 11, 2015, the Company entered into a non-cancelable property lease with BMR-Sidney Research Campus LLC (BMR) for 83,396 square feet of office, laboratory and pilot manufacturing space at 200 Sidney Street, Cambridge, Massachusetts. The lease term commenced in March 2016 and ends in November 2023. The Company has the option to extend the lease twice, each for a five-year period. The Company moved its corporate headquarters to this location in April 2016. BMR will contribute a total of $12,509 toward the cost of tenant improvements. BMRs contribution toward the cost of tenant improvements is recorded as a lease incentive obligation on our consolidated balance sheet. The lease incentive obligation is amortized to our consolidated statement of operations as reductions to rent expense over the lease term. As of June 30, 2016, we have recorded a lease incentive obligation of $9,119. During the three and six months ended June 30, 2016 and 2015, the Company recognized $787, $1,180, $354 and $540, respectively, of rental expense related to office and laboratory space. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellec