Effective March 1, 2013, the Company entered into a lease for office space in New Haven, CT and commencing March 1, 2018, the Company entered into the First Amendment to the lease (collectively, the “Office Space Lease”). The leased space approximates 5,600 square feet and the Office Space Lease has a term of 60 months. The Office Space Lease requires monthly payments ranging from approximately $10 to $12 through February 1, 2023 and provides for two designated months of free rent.

The incremental borrowing rate used on the Office Space Lease was 13.0%. The right-of-use asset also includes any lease payments related to initial direct costs and prepayments and excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company had no new leases during the three months ended March 31, 2022.

The Office Space Lease is an operating lease and the remaining term as of March 31, 2022 is approximately 1.0 year. The Company has no financing leases. The following table summarizes the Company’s operating lease as presented on its Condensed Consolidated Balance Sheets:

	March 31, 2022		December 31, 2021
Assets:
Operating lease right-of-use asset	$	107	$	131
Liabilities:
Operating lease liabilities, current portion		123		120
Operating lease liabilities, long term portion		—		24
Total operating lease liabilities	$	123	$	144

Future minimum lease payments from March 31, 2022 until the expiration of the operating leases are as follows:

2022	$	106
2023		24
Total lease payments		130
Less: imputed discount rate		(7	)
Carrying value of operating lease liabilities	$	123

Lease expense under operating leases, including leases of office equipment, was $39 and $30 for the three months ended March 31, 2022 and 2021, respectively. Lease payments made in the three months ended March 31, 2022 and 2021 were $35 and $34, respectively, with such amounts reflected in the Condensed Consolidated Statements of Cash Flows in operating activities.