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Operating Lease | 3 Months Ended
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Mar. 31, 2024
Operating Lease |
Operating Lease | 7. Operating Lease The Company’s leased assets include offices in Bethesda (Maryland, US), Lugano (Switzerland) and Barcelona (Spain). The current lease portfolio consists of leases with remaining terms ranging from one to three years. Renewal options are excluded from the calculation of lease liabilities since the Company is not reasonably certain that will exercise the renewal option. The Company’s lease agreements do not contain residual value guarantees or material restrictive covenants. The breakdown of the significant components of ROU assets, lease liabilities and operating lease expense is reported in the table below, together with the discount rate used in order to calculate the net present value of the lease liabilities as of those periods. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | December 31, |
​ | ​ | 2024 | ​ | 2023 |
Operating Lease |  | ​ |  |  | ​ |  | ​
Operating lease- right of use assets | ​ | $ | 384,146 | ​ | $ | 459,215 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liability - current | ​ | $ | 204,569 | ​ | $ | 229,693 | ​
Operating lease liability - non-current | ​ | $ | 177,365 | ​ | $ | 229,855 | ​
Weighted average remaining lease term - years | ​ |  | 2.04 | ​ |  | 2.25 | ​
Weighted average discount rate | ​ |  | 1.51 | ​ |  | 1.51 | ​
​ The operating lease expenses are reported as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | March 31,
​ | ​ | 2024 | ​ | 2023
Research and development | ​ | 35,764 | ​ | 34,905
General and administrative | ​ | 26,893 | ​ | 25,696
Total operating lease costs | $ | 62,657 | $ | 60,601
​ The future minimum lease payments for the Company’s operating leases as of March 31, 2024, are as follows: ​
​ | ​ | ​
Fiscal Year | ​ | Operating Leases
March 31, 2025 | ​ | 208,510
March 31, 2026 | ​ | 148,669
March 31, 2027 | ​ | 30,477
Total future minimum lease payments | ​ | 387,656
Less amount representing interest or imputed interest | ​ | 5,722
Present value of lease liabilities | $ | 381,934
​

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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