Leases

3 Months Ended

Mar. 31, 2023

Leases

Leases

8. Leases

The Company leases office and laboratory space for approximately 11,000 square feet of space in Exton, Pennsylvania that currently extends until March 2024. The Company has an option to extend the lease for up to two additional five-year terms.

Supplemental condensed balance sheet information related to leases comprised of the following (in thousands):

		March 31, 2023		December 31, 2022
Operating lease right-of-use assets	$	230	$	284
Operating lease liability	$	236	$	229
Operating lease liability, net of current portion		—		62
Total operating lease liability	$	236	$	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 condensed balance sheets.

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

	Three Months Ended March 31,
		2023		2022
General and administrative	$	19	$	19
Research and development		41		41
Total lease expense	$	60	$	60

Other operating lease information as of March 31, 2023 was as follows:

Weighted-average remaining lease term (in years)	1.0
Weighted-average discount rate	9.0%

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

	Three Months Ended March 31,
		2023		2022
Cash paid for operating lease liability	$	61	$	57

As of March 31, 2023, minimum rental commitments under the operating lease were as follows (in thousands):

Years ending December 31,	Amount
2023 (represents remaining nine months in 2023)	$	185
2024		63
Total lease payments		248
Less imputed interest		(12)
Present value of lease liability	$	236