Leases

9 Months Ended

Sep. 30, 2022

Leases

Leases

4. Leases

The Company is party to 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, 2022 was $77,022 and $236,738,

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

The Company has an operating lease in Boston, Massachusetts for office space which was amended effective July 1, 2021. The lease will expire on December 31, 2022 and does not have any renewal options. The Company has an operating lease for office and laboratory space in Doylestown, Pennsylvania which expires on December 31, 2022. The Company also has an operating lease for office and laboratory space in Solna, Sweden which was extended effective January 1, 2022 and now expires on June 30, 2023.

Quantitative information regarding the Company’s leases for the three and nine months ended September 30, 2022 and 2021 is as follows:

	Three months ended September 30,				Nine months ended September 30,
Lease Cost	2022		2021		2022		2021
Operating lease cost	$	61,248	$	59,700	$	182,042	$	176,104
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities	$	64,056	$	64,056	$	192,169	$	191,022
Operating lease liabilities arising from obtaining right‑of‑use assets	$	—	$	124,043	$	123,786	$	124,043
Weighted average remaining lease term (years)		0.25-0.75		0.75-1.25		0.25-0.75		0.75-1.25
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, 2022:

	Operating
Future Lease Payments	Leases
2022	$	58,742
2023		53,224
Total Lease Payments	$	111,966
Less: Imputed Interest		(1,415)
Total Lease Liabilities	$	110,551

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.