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Leases | 12 Months Ended
--- | ---
Dec. 31, 2021
Leases [Abstract] |
Leases |
(9) | Leases
The Company recognizes right-of-use (“ROU”) assets and lease liabilities when it obtains the right to control an asset under a leasing arrangement with an initial term greater than twelve months. The Company leases its facilities under non-cancellable operating leases. The Company evaluates the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognizes the ROU asset and lease liabilities based on the present value of future minimum lease payments over the expected lease term. The Company’s leases do not generally contain an implicit interest rate and therefore the Company uses the incremental borrowing rate it would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of its lease payments. Pursuant to a 2014 sublease agreement (the “2014 Sublease”) and a 2015 sublease agreement (the “2015 Sublease”) the Company subleased portions of its leased premises in Galway, Ireland to a sublessee. On May 15, 2020, the Company and its sublessee entered into amendments to the 2014 Sublease and the 2015 Sublease pursuant to which (i) the 2014 Sublease and 2015 Sublease were extended from May 31, 2020 to August 2, 2021, (ii) effective July 1, 2020, the leased premises under the 2015 Sublease would be expanded to include an additional 4,999 square feet of space, and (iii) effective July 1, 2020, the rent under the 2015 Sublease would increase from approximately $14.6 per month to $20.6 per month. The Company analyzed the terms of the amended 2014 Sublease and 2015 Sublease and determined that its ROU asset for the master operating lease was not impaired as a result of the amendments. On June 25, 2020, the Company entered into a sub-lease agreement (the “2021 Sub-Lease”) with its previous sublessee under the 2014 Sublease and 2015 Sublease pursuant to which, effective August 2, 2021, the previous sublessee would become the lessee and the Company would then sub-lease its portion of the premises in Galway, Ireland from the previous sublessee. The Company’s rent expense under the 2021 Sub-Lease is approximately $3.7 per month for a term of five years. On September 22, 2020, the Company entered into an amendment to a sub-lease agreement executed in March 2016 for approximately 6,877 square feet of office space at 1633 Broadway, New York, NY. The term of the sub-lease agreement began in April 2016 and, pursuant to the amendment, is extended through February 2023 for total annual base rent of $406. The following table summarizes the Company’s operating leases as of December 31, 2021:
|  | U.S . |  |  | Ireland |  |  | Total |
Lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 417 |  |  | $ | 147 |  |  | $ | 564 |
Sublease income |  |  | — |  |  |  | (132 | ) |  |  | (132 | )
Total |  | $ | 417 |  |  | $ | 15 |  |  | $ | 432 |
Other information: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows out from operating leases |  | $ | (417 | ) |  | $ | (147 | ) |  | $ | (564 | )
Operating cash flows in from operating leases |  | $ | — |  |  | $ | 132 |  |  | $ | 132 |
Right-of-use assets exchanged for new operating lease liabilities |  | $ | — |  |  | $ | 192 |  |  | $ | 192 |
Weighted average remaining lease term |  |  | 1.2 |  |  |  | 4.6 |  |  |  |  |
Weighted average discount rate - operating leases |  |  | 8 | % |  |  | 8 | % |  |  |  |
Maturities of the Company’s operating leases, excluding short-term leases, are as follows:
|  | U.S . |  |  | Ireland |  |  | Total |
Year ended December 31, 2022 |  | $ | 406 |  |  | $ | 46 |  |  | $ | 452 |
Year ended December 31, 2023 |  |  | 67 |  |  |  | 46 |  |  |  | 113 |
Year ended December 31, 2024 |  |  | — |  |  |  | 46 |  |  |  | 46 |
Year ended December 31, 2025 |  |  | — |  |  |  | 46 |  |  |  | 46 |
|  | U.S . |  |  | Ireland |  |  | Total |
Year ended December 31, 2026 |  |  | — |  |  |  | 27 |  |  |  | 27 |
Total |  |  | 473 |  |  |  | 211 |  |  |  | 684 |
Less present value discount |  |  | (25 | ) |  |  | (36 | ) |  |  | (61 | )
Operating lease liabilities included in the consolidated balance sheets at December 31, 2021 |  | $ | 448 |  |  | $ | 175 |  |  | $ | 623 |

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- References No definition available. + Details
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