Leases

12 Months Ended

Dec. 31, 2022

Leases

Leases

10. Leases

In May 2017, the Company entered into a 62-month office and laboratory space lease commencing on July 1, 2017 for approximately 11,000 square feet of space in Exton, Pennsylvania. The Company has an option to extend the lease for up to two additional five-year terms. In December 2021, the Company extended the lease for an additional eighteen-month term ending in March 2024. Beginning July 2021, the Company leased laboratory equipment on a month-to-

month basis. In April 2022, the Company terminated the agreement through exercising the option to purchase the leased laboratory equipment under the lease agreement.

Supplemental balance sheet information related to leases as of December 31, 2022 was as follows (in thousands):

Operating leases:
Operating lease right-of-use assets	$	284
Operating lease liability	$	229
Operating lease liability, net of current portion		62
Total operating lease liability	$	291

Operating lease liability and operating lease liability, net of current portion is included in accrued expenses and other current liabilities and other long-term liabilities, respectively, in the accompanying balance sheets.

Operating lease expense recorded as research and development and general and administrative expenses in the statements of operations is as follows (in thousands):

Operating lease cost (in thousands)		Year Ended December 31, 2022
General and administrative	$	78
Research and development		163
Total lease expense	$	241

Short term lease expense recorded as research and development expense in the statements of operations was $0.1 million for year ended December 31, 2022.

Under ASC 840, lease expense was $0.5 million for the year ended December 31, 2021.

Other information related to the operating lease where the Company is the lessee was as follows:

	Year Ended December 31, 2022
Weighted-average remaining lease term (in years)	1.25
Weighted-average discount rate	9.0%

Supplemental cash flow information related to the operating lease was as follows (in thousands):

		Year Ended December 31, 2022
Cash paid for operating lease liability	$	234

As of December 31, 2022, minimum rental commitments under the operating lease were as follows (in thousands):

Years ending December 31,	Amount
2023	$	246
2024		63
Total lease payments		309
Less imputed interest		(18)
Present value of lease liability	$	291