Annual report pursuant to Section 13 and 15(d)

LONG-TERM OBLIGATIONS

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LONG-TERM OBLIGATIONS
 12 Months Ended
Dec. 31, 2013
LONG-TERM OBLIGATIONS  
LONG-TERM OBLIGATIONS

8. LONG-TERM OBLIGATIONS

        We currently lease our research and office space under a noncancelable lease agreement with our landlord, HCP BTC, LLC (formerly known as Slough BTC, LLC) which expires in 2018. The lease term provides for renewal option for up to two additional period of five years each, and rental payments on a graduated scale. We determined our existing lease agreement to be an operating lease and recognize rent expense on a straight-line basis over the lease period. At December 31, 2013, future minimum lease payments and obligations under our noncancelable operating lease were as follows (in thousands):

For years ending December 31,

        

2014

   $ 14,351  

2015

     14,929  

2016

     15,530  

2017

     16,153  

2018

     1,351  
       
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Total minimum payments required

   $ 62,314  
       
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        Rent expense under our operating lease amounted to approximately $14.8 million, $14.7 million and $14.8 million for the years ended December 31, 2013, 2012 and 2011, respectively.