Leases

3 Months Ended

Mar. 31, 2023

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 the three months ended March 31, 2023 and 2022 was $19,998 and $74,816, respectively. Rent expense for the three months ended March 31, 2023 is a short-term lease cost since the lease has a term of 12 months or less.

The Company has an operating lease for office and laboratory space in Doylestown, Pennsylvania which 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 had an operating lease in Boston, Massachusetts for office space which expired on December 31, 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 has no lease obligations beyond 2023.

Quantitative information regarding the Company’s leases for the three months ended March 31, 2023 and 2022 is as follows:

	Three months ended March 31,
Lease Cost	2023		2022
Operating lease cost	$	—	$	60,116
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities	$	—	$	64,056
Operating lease liabilities arising from obtaining right‑of‑use assets	$	—	$	123,786
Weighted average remaining lease term (years)		—		0.75-1.25
Weighted average discount rate		—		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.