Commitments

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Operating Leases

The Company has commitments under operating leases for certain facilities used in its operations. The Company’s leases have initial lease terms ranging from one to five years. Certain lease agreements contain provisions for future rent increases.

The components of lease expense were as follows:


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Operating lease cost	$	47,696	$	47,696	$	142,947	$	202,665
Variable lease cost	21,169		21,284		62,415		58,163
Total lease cost	$	68,865	$	68,980	$	205,362	$	260,828

Supplemental balance sheet information related to leases was as follows:


	September 30, 2020		December 31, 2019
Right-of-use assets, net	$	217,508	$	344,574

Current lease obligations	$	164,808	$	172,310
Non-current lease obligations	42,746		163,198
Total lease liabilities	$	207,554	$	335,508

Supplemental information related to leases was as follows:


	Nine months ended September 30,
	2020		2019
Weighted-average remaining lease terms—operating leases (years)	1.4		2.3
Weighted-average discount rate—operating leases	7.6	%	7.6	%

Future minimum operating minimum lease payments for all leases, exclusive of taxes and other carrying charges, are approximately as follows:


For the Years Ending December 31,	Amount
Remainder of 2020	$	48,056
2021	160,909
2022	11,354
Total	$	220,319
Less: present value adjustment	(12,765)
Present value of minimum lease payments	$	207,554

Financing Leases

In June 2018, the Company leased specialized research equipment under a lease classified as a financing lease. The leased equipment is included in property and equipment, net and is amortized on a straight-line basis over five years. Financing lease liabilities are included in other liabilities on the Company's condensed consolidated balance sheets. The interest rate related to the lease obligation is 7.6% and the maturity date is July 2021.

Future minimum lease payments for all financing leases, exclusive of taxes and other carrying charges, are approximately as follows:


For the Years Ending December 31,	Amount
Remainder of 2020	$	5,964
2021	9,941
Total	$	15,905
Less: present value adjustment	(444)
Present value of minimum lease payments	$	15,461

Subsequent to September 30, 2020, the Company entered into a lease agreement for an expanded office and laboratory space located in Malvern, Pennsylvania. See Note 13 for additional information.