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COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES

(5) COMMITMENTS AND CONTINGENCIES

In August 2021, the Company entered into a lease agreement (the “Waltham Lease”) for approximately 5,000 square feet of office space in Waltham, Massachusetts for the Company’s corporate headquarters. The Waltham Lease has a term of thirty-nine months (“Lease Term”), unless extended or earlier terminated. The Company has the option to extend the Waltham Lease for one additional period of three years. The Lease Term had an initial abatement period, and the initial base rent payable is approximately $18,000 per month following the abatement period. The initial base rent payable will increase by approximately 2% per year over the Lease Term. The Waltham Lease commencement date was September 1, 2021.

In April 2022, the Company entered into a lease agreement (the “Foster City Lease”) for approximately 3,500 square feet of office space in Foster City, California. The Foster City Lease has a term of thirty-nine months, unless extended or earlier terminated. The Company has the option to extend the Foster City Lease for on additional period of one year. The base rent payable under the Lease Term will be $22,600 per month and will be subject to annual increase of 3% on each anniversary.

As of December 31, 2022, the consolidated balance sheet includes an operating lease right-of-use asset of $1.0 million and operating lease liability of $1.1 million. The total operating lease expense was $0.4 million and $0.1 million, for the years ended December 31, 2022 and 2021, respectively.

As of December 31, 2022, the future minimum annual lease payments under the operating leases were as follows (in thousands):

​	​	​	​	​
​	Total Minimum			​
​	Lease Payments			​
2023		$	426	​
2024	​		508	​
2025	​		242	​
Total operating lease payments	​		1,176	​
Less: Amount representing interest	​		(86)	​
Present value of net minimum lease payments	​	$	1,090	​
​	​	​	​	​

​

​

​

The components of operating leases for the years ended December 31, 2022 and December 31, 2021 were as follows (in thousands except lease term and discount rate):

​	​	​	​	​	​	​	​
​	​	As of December 31,					​
Operating lease liabilities:	​	2022			2021		​
Current	​	​	385	​	​	192	​
Non-current	​	​	705	​	​	382	​
Total lease liabilities	​	$	1,090	​	$	574	​
Weighted-average remaining lease term (in years)	​		2.4	​		3.0	​
Weighted-average incremental borrowing rate	​		6	%		6	%

​

Legal Proceedings

The Company may from time to time be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings during the years ended December 31, 2022 and 2021, and no material legal proceedings are currently pending or, to the best of its knowledge, threatened.

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- References

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The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-URI https://asc.fasb.org/topic&trid=2144648

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 954
-SubTopic 440
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6491277&loc=d3e6429-115629

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-URI https://asc.fasb.org/topic&trid=2127136

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123406679&loc=d3e25336-109308

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123406679&loc=d3e25336-109308

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