Leases

12 Months Ended

Dec. 31, 2022

Leases

Leases

6. Leases

During 2022, the Company was party to three 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 years ended December 31, 2022, 2021 and 2020 was $329,673, $342,550 and $327,205, respectively, which are included in operating expenses.

The Company had an operating lease in Boston, Massachusetts for office space which expired in December 2022. The Company also had an operating lease for office and laboratory space in Solna, Sweden which was terminated effective November 30, 2022. The Company also has an annual operating lease for office and laboratory space in Doylestown, Pennsylvania which was renewed for 2023 and is currently set to expire on December 31, 2023. Rent expense under this lease is $101,000 annually and the company has applied the short-term exception to this lease. The Company has no lease obligations beyond 2023.

Quantitative information regarding the Company’s leases for the years ended December 31, 2022, 2021 and 2020 is as follows:

	Year ended December 31,
Lease Cost	2022		2021			2020
Operating lease cost	$	233,628	$	236,364	$	226,275
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities	$	245,584	$	255,078	$	251,636
Operating lease liabilities arising from obtaining right‑of‑use assets	$	123,786	$	124,043	$	-
Weighted average remaining lease term (years)		—		0.50-1.00		1.00-1.50
Weighted average discount rate		3.0 - 4.3%		3.0 - 4.3%		3.0 - 4.3%

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.