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Commitments and Contingencies

9 Months Ended

Sep. 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 it currently occupies 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, 2026.

On August 31, 2022, the Company entered into a lease agreement for approximately 2,980 square feet of office space located in Pittsburgh, Pennsylvania. The lease has a term of 45 months and commenced on October 1, 2022. Additionally, on August 31, 2022, the Company and Landlord modified one of its existing lease agreements for approximately 3,706 square feet of lab space at the same location to extend the lease term termination date from June 30, 2023 until June 30, 2026.

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


	As of September 30,
	2022
Assets
Operating lease assets	$	691
Total operating lease assets	$	691
Liabilities
Current
Operating lease liabilities	$	114
Noncurrent
Operating lease liabilities, net of current		603
Total operating lease liabilities	$	717

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


	Three Months Ended			Nine Months Ended
	September 30, 2022			September 30, 2022
Operating lease costs	$	50		$	149
Variable lease costs		—			—
Total lease costs	$	50		$	149

Rent expense for the three and nine months ended September 30, 2021 was $34 and $116, respectively.

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


For the Years Ended December 31,		Operating Leases
2022 (remaining)		$	41
2023			166
2024			167
2025			169
Thereafter			341
Total undiscounted lease payments		$	884
Less: Imputed interest			(167)
Present value of operating lease liabilities		$	717

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


				As of September 30,
				2022
Weighted-average remaining lease term (years)
	Operating leases			5.5
Weighted-average discount rate
	Operating leases			8.1%

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


	Amounts
Nine Months Ended September 30, 2022	(in thousands)
Operating cash flows used for operating leases	$	123

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