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Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies.

Commitments and Contingencies

7. Commitments and Contingencies

Operating Leases

The Company’s principal executive offices are located in Purchase, New York where we currently occupy 2,864 square feet of office space under a lease that expires in May of 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 of 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 December 31, 2022 were as follows, in thousands:


	As of
	December 31, 2022
Assets
Operating lease assets	$	813
Total operating lease assets	$	813
Liabilities
Current
Operating lease liabilities	$	149
Noncurrent
Operating lease liabilities, net of current		695
Total operating lease liabilities	$	844

Operating lease costs for the year ended December 31, 2022 was $203. Rent expense was $163 for the year ended December 31, 2021.

The maturities of the operating lease liabilities and minimum lease payments as of December 31, 2022 were as follows:


For the Years Ended December 31,		Operating Leases
2023		$	209
2024			221
2025			222
2026			155
2027			87
Thereafter			126
Total undiscounted lease payments		$	1,020
Less: Imputed interest			(176)
Present value of operating lease liabilities		$	844

The following table summarizes the lease term and discount rate as of December 31, 2022:


	As of
	December 31, 2022
Weighted-average remaining lease term (years)
Operating leases	5.0
Weighted-average discount rate
Operating leases	8.1%

Operating cash flows used for operating leases for the year ended December 31, 2022 was $172.

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