3. Leases

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 the three months ended March 31, 2021 and 2020 was $91,686 and $62,909, 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 months ended March 31, 2021 and 2020 is as follows:



	Three months ended March 31,
Lease Cost	2021		2020
Operating lease cost	$	57,923	$	55,768
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities	$	63,482	$	62,909
Operating lease liabilities arising from obtaining right‑of‑use assets	$	—	$	—
Weighted average remaining lease term (years)		0.75 - 1.25		1.75 - 2.25
Weighted average discount rate		3.0 - 4.3%		3.0 - 4.3%

Future lease payments under noncancelable leases are as follows at March 31, 2021:


	Operating
Future Lease Payments	Leases
2021	$	196,458
2022		67,860
Total Lease Payments	$	264,318
Less: Imputed Interest		(5,018)
Total Lease Liabilities	$	259,300

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.