12. Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

12. Commitments and Contingencies

12. Commitments and Contingencies

Leases

In March 2019, the Company entered into a nine-month office space rental agreement for its headquarters in New York, New York expiring November 2019. In November 2019, the Company renewed this rental agreement for an additional twelve-months for a base rent of approximately $9,000 per month. In November 2020, the Company renewed this rental agreement for an additional twelve-months for a base rent of approximately $3,800 per month. In March 2021, the Company was notified that the counterparty’s right to occupy the space at 300 Park Avenue, New York, NY was terminated, and the Company was required to vacate by March 26, 2021. The Company vacated the premises and has advised the counterparty that the counterparty is in breach of this rental agreement and therefore, the Company has no further obligations thereunder.

In March 2021, the Company entered into an eighteen-month office space rental agreement for its headquarters at 300 Park Avenue, New York, NY, expiring in September 2022. The rental agreement contains a base rent of approximately $4,000 per month. This agreement included one or more renewal options. At June 30, 2022, the Company had right-of-use assets of $13,000 and a total lease liability for operating leases of $13,000, all of which is included in current lease liabilities.

Upon the commencement of the 300 Park Avenue, New York, NY office space in March 2021, in exchange for the new operating lease liability, the Company recognized a right-of-use asset of $74,000. As of June 30, 2022, the weighted-average remaining lease term of the operating lease was 0.3 years, and the weighted-average discount rate was 8.0%.  

As of June 30, 2022, future minimum lease payments for the Company’s operating leases with a non-cancelable term of more than one year was as follows (in thousands):

		Operating
		Leases
Remaining Period Ended December 31, 2022	$	13
Total		13
Less present value discount		-
Operating lease liabilities	$	13

For each of the six months ended June 30, 2022 and 2021, rent expense totaled $0.1 million.

Contractual Commitments

The Company has entered into long-term agreements with certain manufacturers and suppliers that require it to make contractual payment to these organizations. The Company expects to enter into additional collaborative research, contract research, manufacturing, and supplier agreements in the future, which may require up-front payments and long-term commitments of cash.

Litigation

As of June 30, 2022, there was no material litigation against or involving the Company.