Operating Leases

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Operating Leases

Operating Leases

The Company has commitments under operating leases for office, laboratory, and storage space located in Malvern, Pennsylvania. The Company's operating leases have initial terms of approximately seven years and include options to extend the operating leases for up to 10 years. The options for extension have been excluded from the lease terms (and lease liabilities) as it is not reasonably certain that the Company will exercise such options.

The components of lease expense were as follows (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Operating lease cost	$	203	$	66	$	382	$	134
Variable lease cost	26		22		53		52
Total lease cost	$	229	$	88	$	435	$	186

Supplemental balance sheet information related to leases was as follows (in thousands):

	June 30, 2022		December 31, 2021
Right-of-use assets, net	$	4,172	$	1,587
Current lease obligations	$	314	$	363
Non-current lease obligations	3,892		1,231
Total lease liabilities	$	4,206	$	1,594

Supplemental information related to leases was as follows:

	Six months ended June 30,
	2022		2021
Weighted-average remaining lease term — operating leases (years)	6.7		6.4
Weighted-average discount rate — operating leases	6.4	%	4.6	%

Future minimum operating lease base rent payments are approximately as follows (in thousands):

For the Years Ending December 31,	Amount
Remainder of 2022	$	212
2023	762
2024	785
2025	809
2026	833
Thereafter	1,859
Total	$	5,260
Less: present value adjustment	(1,054)
Present value of minimum lease payments	$	4,206