Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Legal Proceedings

From time to time, the Company may be a party to litigation or subject to claims incident to the ordinary course of business. The Company was not a party to any material litigation and did not have material contingency reserves established for any liabilities as of September 30, 2021 and December 31, 2020.

Leases

The Company’s corporate headquarters is located in London, United Kingdom, for which, as of September 30, 2021 and 2020, the Company leases a series of office space at 19 Eastbourne Terrace, London, United Kingdom from The Office Group under a non-cancelable lease. The lease related to this facility is classified as an operating lease over a two year term. The Company recognizes rent expense on a straight-line basis over the respective lease period.

On July 9, 2021, the Company entered into a two year non-cancellable lease beginning September 1, 2021 for office space at 33 Broadwick Street, London, United Kingdom which will become the Company’s new corporate headquarters.

The Company leases office space at 180 Varick Street New York, USA from BioInnovations Labs, LLC under a cancelable lease that can be terminated by either party with one-month advanced notice. The lease related to this facility is classified as an operating lease.

On August 3, 2021, the Company entered into a non-cancellable contract which expires in August 2022 to lease a series of office space at 164 Townsend Street, Suite 3, San Francisco, California, USA from Movassate Family Trust. The lease related to this facility is classified as an operating lease.

The following table summarizes the future minimum lease payments due under operating leases as of September 30, 2021 (in thousands):


Year end December, 31	Amount
2021	$	751
2022	1,913
2023	1,222
	$	3,886

The Company recorded rent expense totaling $1.1 million and $0.8 million for the nine months ended September 30, 2021 and 2020, respectively.

Indemnification

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations.

In accordance with its Articles of Association, the Company has indemnification obligations to its officers and directors for certain events or occurrences, subject to certain limits, while they are serving at the Company’s request in such capacity. There have been no claims to date, and the Company has director and officer insurance that may enable it to recover a portion of any amounts paid for future potential claims.