Note 16 - Leases

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 16 – Leases

Our operating leases consist primarily of facility leases for our operations in Warrington, Pennsylvania and Taipei, Taiwan.

We maintain our corporate headquarters and operations in Warrington, Pennsylvania. The facility serves as the main operating facility for drug and device development, regulatory, analytical technical services, research and development, and administration. We also maintain offices in Taipei, Taiwan where we perform certain manufacturing development and preclinical activities related to our cardiovascular drug product candidates.

In January 2021, we entered into a lease amendment to extend the term of our Warrington, Pennsylvania lease for a period of five years commencing on March 1, 2022 and expiring on February 28, 2027.

Throughout the term of our leases, we are responsible for paying certain variable lease costs, in addition to the rent, as specified in the lease, including a proportionate share of applicable taxes, operating expenses and utilities.

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to our operating leases for the years ended December 31, 2021 and 2020:

	Year Ended December 31,
(in thousands)	2021			2020
Operating lease cost	$	857		$	826
Variable lease cost		45			29
Total lease cost	$	902		$	855
Other Information
Operating cash flows used for operating leases	$	734		$	895
Operating lease liabilities arising from obtaining right-of-use assets	$	2,141		$	249
Weighted average remaining lease term (in years)		4.8			1.3
Weighted average incremental borrowing rate		7.12	%		9.00	%

Future minimum lease payments under our non-cancelable operating leases as of December 31, 2021, are as follows:

(in thousands)	December 31, 2021
2022	$	689
2023		575
2024		560
2025		570
2026		581
Thereafter		97
Total lease payments		3,072
Less imputed interest		(473	)
Total operating lease liabilities at December 31, 2021	$	2,599