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Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies.

Commitments and Contingencies

6. Commitments and Contingencies

Operating Leases

The Company’s corporate headquarters is located in Purchase, New York where we currently occupy 2,864 square feet of office space under a lease that expires in May, 2029. The Company also leases approximately 6,068 square feet of laboratory and office space located in Pittsburgh, Pennsylvania under leases that expire in June, 2023.

Amounts reported in the consolidated balance sheets for leases where the Company is the lessee as of June 30, 2022 were as follows, in thousands:

​	​	​
​	As of June 30,
​	2022
Assets	​	​
Operating lease assets	$	539
Total operating lease assets	$	539
Liabilities	​	​
Current	​	​
Operating lease liabilities	$	161
Noncurrent	​	​
Operating lease liabilities, net of current	​	404
Total operating lease liabilities	$	565

​

The following table summarizes operating lease costs for the three and six months ended June 30, 2022:

​	​	​	​	​	​
​	Three Months Ended		​	Six Months Ended
​	June 30, 2022		​	June 30, 2022
Operating lease costs	$	49	​	$	99
Variable lease costs	​	—	​	​	—
Total lease costs	$	49	​	$	99

​

Rent expense for the three and six months ended June 30, 2021 was $48 and $82, respectively.

The maturities of the operating lease liabilities and minimum lease payments as of June 30, 2022 were as follows:

​

​	​	​	​
For the Years Ended December 31,		Operating Leases
2022 (remaining)	​	$	99
2023	​		140
2024	​		82
2025	​	​	84
Thereafter	​	​	298
Total undiscounted lease payments	​	$	703
Less: Imputed interest	​	​	(138)
Present value of operating lease liabilities	​	$	565

​

The following table summarizes the lease term and discount rate as of June 30, 2022:

​	​	​	​	​
​	​	​	​	As of June 30,
​	​	​	​	2022
Weighted-average remaining lease term (years)	​	​	​	​
​	Operating leases	​	​	5.7
Weighted-average discount rate	​	​	​	​
​	Operating leases	​	​	8.0%

​

The following table summarizes cash paid for amounts included in the measurement of the Company’s operating lease liabilities for the three and six months ended June 30, 2022:

​	​	​
​	Amounts
Six Months Ended June 30, 2022	(in thousands)
Operating cash flows used for operating leases	$	73

​

Litigation and Contingencies

From time to time, the Company may be involved in disputes or regulatory inquiries that arise in the ordinary course of business. When the Company determines that a loss is both probable and reasonably estimable, a liability is recorded and disclosed if the amount is material to the financial statements taken as a whole. When a material loss contingency is only reasonably possible, the Company does not record a liability but instead discloses the nature and the amount of the claim and an estimate of the loss or range of loss, if such an estimate can reasonably be made.

As of June 30, 2022 and December 31, 2021, there was no litigation or contingency with at least a reasonable possibility of a material loss.

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- References

No definition available.

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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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 954
-SubTopic 440
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6491277&loc=d3e6429-115629

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 http://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 http://asc.fasb.org/extlink&oid=123406679&loc=d3e25336-109308

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