3. Leases

On January 1, 2019, the Company adopted ASC 842 using the modified retrospective transition approach allowed under ASU 2018‑11 which releases companies from presenting comparative periods and related disclosures under ASC 842 and requires a cumulative‑effect adjustment to the opening balance of retained earnings in the period of adoption (see Note 2). The Company is party to two operating leases for office and laboratory space. The Company’s finance leases are immaterial both individually and in the aggregate. The Company has elected to apply the short‑term lease exception to all leases of one year or less. Rent expense for three and six months ended June 30, 2020 was $77,500 and $157,325, respectively. Rent expense for the three and six months ended June 30, 2019 was $31,831 and $69,524, respectively.

The Company has an operating lease in Boston, Massachusetts for office space. The lease will expire in December 2021 and does not have any renewal options. The Company also has an operating lease for office and laboratory space in Solna, Sweden that expires in June 2022.

Quantitative information regarding the Company’s leases for the three and six months ended June 30, 2020 and 2019 is as follows:



	Three months ended June 30,				Six months ended June 30,
Lease Cost	2020		2019		2020		2019
Operating lease cost	$	27,265	$	26,071	$	54,223	$	51,853
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities	$	62,909	$	30,409	$	125,818	$	60,818
Operating lease liabilities arising from obtaining right‑of‑use assets	$	—	$	—	$	—	$	—
Weighted average remaining lease term (years)		1.5 - 2.0		2.5		1.5 - 2.0		2.5
Weighted average discount rate		3.0 - 4.3%		3.0 - 4.3%		3.0 - 4.3%		3.0 - 4.3%

Future lease payments under noncancelable leases are as follows at June 30, 2020:


	Operating
Future Lease Payments	Leases
Remainder of 2020	$	125,287
2021		252,870
2022		63,322
Total Lease Payments	$	441,479
Less: Imputed Interest		(14,026)
Total Lease Liabilities	$	427,453

As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the incremental borrowing rate on January 1, 2019 for operating leases that commenced prior to that date.