Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

6. Leases

The Company rents office and laboratory space in the United States. The Company also leases office equipment under a non-cancellable equipment lease through December 2022. Rent expense during the years ended December 31, 2020 and 2019 under all of the Company’s operating leases was $407,200 and $346,603, respectively, which includes short-term leases and variable lease costs 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, 2020 and 2019 was $391,090 and $380,805, respectively.

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

	December 31,
	2020			2019
Operating lease obligations (see Note 7 and 9)	$	1,824,840		$	1,744,128
Right of use asset	$	903,825		$	698,321
Weighted-average remaining lease term		4.33			5.33
Weighted-average discount rate		7.3	%		8.0	%

Maturities of operating lease liabilities are as follows:

Year ending December 31,
2021	$	475,372
2022		484,484
2023		493,868
2024		503,535
2025		168,929
Total operating lease payments		2,126,188
Less: imputed interest		(301,348	)
Total operating lease liabilities (see Note 7 and 9)	$	1,824,840