Leases

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Operating Leases

The Company has commitments under operating leases for certain facilities used in its operations including for the use of laboratory, office, and storage space. On October 9, 2020 (the "Effective Date"), the Company entered into a lease agreement (the "Lease Agreement") with WPT Land 2 LP (the "Landlord") for a laboratory, office, and storage space located in Malvern, Pennsylvania. The Lease Agreement was determined to have two lease components per ASC 842, a laboratory space lease component (the "Initial Premises") and an office, storage, and future expanded laboratory space lease component (the "Expansion Premises"), with varying commencement dates. The Initial Premises commencement date occurred in December 2020. The Expansion Premises commencement date did not occur as of December 31, 2020. The Lease Agreement has an initial term of seven-years and the Company has the option to extend the Lease Agreement for one additional five-year term. The option for extension has been excluded from the lease term (and lease liability) for the Lease Agreement as the reasonably certain threshold is not met.

The Company had a former lease agreement with the Landlord for the Company's former office space. Pursuant to the terms of the Lease Agreement, the Company terminated the former lease agreement with the Landlord without penalty upon the commencement of the Expansion Premises in January 2021. The termination date of the former lease agreement is January 31, 2021 and the termination was accounted for as a modification per ASC 842 as the contractual lease term was shortened. The Company has no remaining lease payments as of December 31, 2020 for the former lease agreement. The Company additionally terminated the lease agreement for the Company's former laboratory space effective December 31, 2020. The Company has no remaining lease payments as of December 31, 2020 for the former laboratory space lease agreement.

The components of lease expense were as follows:


	Year ended December 31,
	2020		2019
Operating lease cost	$	189,424	$	250,361
Variable lease cost	84,790		79,700
Total lease cost	$	274,214	$	330,061

Supplemental balance sheet information related to leases was as follows:


	As of December 31,
	2020		2019
Right-of-use assets, net	$	433,649	$	344,574

Current lease obligations	$	44,248	$	172,310
Non-current lease obligations	389,317		163,198
Total lease liabilities	$	433,565	$	335,508

Supplemental information related to leases was as follows:


	Year ended December 31,
	2020		2019
Weighted-average remaining lease terms—operating leases (years)	6.9		2.0
Weighted-average discount rate—operating leases	4.6	%	7.6	%

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


For the years ending December 31,	Amount
2021	$	61,688
2022	69,399
2023	71,502
2024	73,605
2025	75,708
Thereafter	157,725
Total	$	509,627
Less: present value adjustment	(76,062)
Present value of minimum lease payments	$	433,565

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The future minimum operating lease payments excludes payments for the Expansion Premises for which the commencement date did not occur as of December 31, 2020. The estimated aggregate base rent payments for the Expansion Premises are $1.4 million.

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 consolidated balance sheets. The interest rate related to the lease obligation is 7.6% and the maturity date is July 2021. The Company has a de minimis amount of remaining payments under the financing lease as of December 31, 2020.

Leases