Leases

12 Months Ended

Dec. 31, 2021

Leases

Leases

6. Leases

The Company rents office and laboratory space in the United States. The Company also leases office equipment under non-cancellable equipment leases through June 2026. Rent expense during the years ended December 31, 2021 and 2020 under all of the Company’s operating leases was $0.5 million and $0.4 million, respectively, which includes short-term leases and variable lease costs that are not included in the lease obligation.

The office space lease provides for increases in future minimum annual rental payments as defined in the lease agreements. The office space lease also includes an option to renew the lease as of the end of the term. The Company has determined that the lease renewal option is not reasonably certain of being exercised.

The cash paid for operating lease liabilities for the year ended December 31, 2021 and 2020 was $0.5 million and $0.4 million, respectively.

Supplemental balance sheet information related to the operating leases is as follows:

	December 31,
	2021			2020
Operating lease obligations (see Note 7 and 9)	$	1,535,112		$	1,824,840
Operating lease right-of-use assets (included in "Other assets" in Balance Sheet)	$	798,178		$	903,825
Weighted-average remaining lease term (years)		3.3			4.33
Weighted-average discount rate		7.2	%		7.3	%

Maturities of operating lease liabilities are as follows:

Year ending December 31,
2022	$	505,305
2023		515,314
2024		525,623
2025		176,365
Total operating lease payments		1,722,607
Less: imputed interest		(187,495)
Total operating lease liabilities (see Note 7 and 9)	$	1,535,112