Leases

9 Months Ended

Sep. 30, 2021

Leases

Leases

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 three and nine months ended September 30, 2021 was $81,657 and $257,744, respectively. Rent expense for the three and nine months ended September 30, 2020 was $84,482 and $241,807, respectively.

The Company has an operating lease in Boston, Massachusetts for office space which was amended effective July 1, 2021. The lease will now expire on December 31, 2022 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 nine months ended September 30, 2021 and 2020 is as follows:

	Three months ended September 30,				Nine months ended September 30,
Lease Cost	2021		2020		2021		2020
Operating lease cost	$	59,700	$	56,834	$	176,104	$	168,900
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities	$	64,056	$	62,909	$	191,022	$	188,727
Operating lease liabilities arising from obtaining right‑of‑use assets	$	124,043	$	—	$	124,043	$	—
Weighted average remaining lease term (years)		0.75 - 1.25		1.25 - 1.75		0.75 - 1.25		1.25 - 1.75
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 September 30, 2021:

	Operating
Future Lease Payments	Leases
2021	$	65,800
2022		195,861
Total Lease Payments	$	261,661
Less: Imputed Interest		(7,889)
Total Lease Liabilities	$	253,772

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.