Leases

9 Months Ended

Sep. 30, 2023

Leases

Leases

8. Leases

The Company leases office and laboratory space for approximately 11,000 square feet of space in Exton, Pennsylvania. The lease includes certain options to extend. In August 2023, the Company extended the existing lease term until March 2025.

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

		September 30, 2023		December 31, 2022
Operating lease right-of-use assets	$	345	$	284
Operating lease liability	$	228	$	229
Operating lease liability, net of current portion		122		62
Total operating lease liability	$	350	$	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 September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
General and administrative	$	16	$	40	$	54	$	57
Research and development		45		20		128		124
Total lease expense	$	61	$	60	$	182	$	181

Other operating lease information as of September 30, 2023 was as follows:

Weighted-average remaining lease term (in years)	1.5
Weighted-average discount rate	9.0%

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

	Nine Months Ended September 30,
		2023		2022
Cash paid for operating lease liability	$	184	$	173

As of September 30, 2023, minimum rental commitments under the operating lease were as follows (in thousands):

Years ending December 31,	Amount
2023 (represents remaining three months in 2023)	$	63
2024		250
2025		63
Total lease payments		376
Less imputed interest		(26)
Present value of lease liability	$	350