Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

5. Leases

During 2023, the Company was party to one operating lease 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, 2023, 2022 and 2021 was $79,991, $329,673 and $342,550, respectively, which is included in operating expenses.

The Company also has an annual operating lease for office and laboratory space in Doylestown, Pennsylvania which was renewed for 2024 and is currently set to expire on December 31, 2024. Rent expense under this lease is $110,000 annually and the Company has applied the short-term exception to this lease. The Company has no lease obligations beyond 2024.

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 was party to one operating lease in 2023 that it applied the short-term lease exception. Quantitative information regarding the Company’s leases for the years ended December 31, 2022 and 2021 is as follows:

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