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Operating Lease

3 Months Ended

Mar. 31, 2024

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