Operating Leases

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Operating Leases

Operating Leases

The Company has commitments under operating leases for office, laboratory, and future manufacturing space in Malvern, Pennsylvania. The Company's 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):

	Year ended December 31,
	2022		2021
Operating lease cost	$	774	$	360
Variable lease cost	158		105
Total lease cost	$	932	$	465

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

	As of December 31,
	2022		2021
Right-of-use assets, net	$	3,910	$	1,587
Current lease obligations	$	498	$	363
Non-current lease obligations	3,587		1,231
Total lease liabilities	$	4,085	$	1,594

Supplemental information related to leases was as follows:

	Year ended December 31,
	2022		2021
Weighted-average remaining lease terms (years)	6.3		5.3
Weighted-average discount rate	6.4	%	4.1	%

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

For the years ending December 31,	Amount
2023	$	763
2024	787
2025	810
2026	834
2027	834
Thereafter	978
Total	$	5,006
Less: present value adjustment	(921)
Present value of minimum lease payments	$	4,085