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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | NOTE 6 – COMMITMENTS AND CONTINGENCIES Operating Leases We lease space under operating leases for manufacturing and laboratory facilities and administrative offices in Cleveland, as well as administrative offices in New York. We also lease office space in Madrid, Spain as well as certain office equipment under operating leases, which have a non-cancelable lease term of less than one year and therefore, we have elected the practical expedient to exclude these short-term leases from our right-of-use assets and lease liabilities. We can terminate the operating leases for our manufacturing and laboratory facilities and administrative offices in Cleveland early at December 31, 2020 and pay for unamortized tenant improvements. Our total lease costs and unamortized tenant improvements would total $1.7 million by exercising the early termination provision. Components of lease cost under ASC 842 are as follows for the year ended December 31, 2019:
|  | Year ended December 31, 2019 |
Operating lease cost |  | $ | 1,591,000 |
Variable lease cost |  | $ | 322,000 |
Short-term lease cost |  | $ | 133,000 |
The following table presents information about the amount and timing of cash flows arising from operating leases under ASC 842 as of December 31, 2019:
Maturity of lease liabilities: |  |  |
2020 |  | $ | 1,699,000 |
2021 |  |  | 1,713,000 |
2022 |  |  | 1,727,000 |
2023 |  |  | 1,741,000 |
2024 |  |  | 1,781,000 |
Thereafter |  |  | 1,885,000 |
Total undiscounted operating lease payments |  |  | 10,546,000 |
Less: imputed interest |  |  | 2,596,000 |
Present value of operating lease liabilities |  | $ | 7,950,000 |
Balance sheet classification: |  |  |  |
Current portion of lease liability |  | $ | 1,699,000 |
Long-term lease liability |  |  | 6,251,000 |
Total operating lease liabilities |  | $ | 7,950,000 |
Other information: |  |  |  |
Weighted-average remaining lease term for operating leases |  |  | 73 months |
Weighted-average discount rate for operating leases |  |  | 9.6 | %
Rent expense for the years ended December 31, 2018 and 2017 under ASC 840 was $1.3 million and $0.7 million, respectively. Manufacturing We have engaged a contract manufacturer to assist us with developing and defining the processes necessary to manufacture our RDEB product candidate. We had a remaining commitment of $6.4 million at December 31, 2019. The amount is payable based on the completion of specific activities outlined in the contracted project plan; we expect to spend the entire $6.4 million in 2020. Legal We are not currently subject to any material pending legal proceedings as of December 31, 2019.

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- Definition 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 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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