Operating Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Operating Leases

6. Operating 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 three months ended March 31, 2021 and 2020 under all of the Company’s operating leases was $130,138 and $87,599, respectively. Rent expense includes short-term leases and variable lease costs that are not included in the lease obligation.

Short-term leases are leases having a term of twelve months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases.

The office space leases provide 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 three months ended March 31, 2021 and 2020 was $117,354 and $95,714, respectively.

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

	March 31, 2021			December 31, 2020
Operating lease obligations (see Note 7 and 9)	$	1,739,559		$	1,824,840
Operating lease right-of-use assets	$	866,336		$	903,825
Weighted-average remaining lease term (years)		4.1			4.3
Weighted-average discount rate		7.3	%		7.3	%