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Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies

Commitments and Contingencies

9.    Commitments and Contingencies

General

Please refer to Note 3 — Significant Contracts for further discussion of certain of the Company’s commitments and contingencies.

Leases

In October 2000, the Company entered into a twenty-five year lease for its research and development facility in Dundee, Scotland. In May 2021, the Company vacated its former facility in Dundee, Scotland and assigned the related lease and all future commitments to a third party. Accordingly, the Company derecognized the associated right-of-use lease asset of $1.1 million as well as the associated lease liability of $1.2 million, with the balancing $0.1 million credited to general and administrative expenses. Costs of $0.4 million relating to the assignment of the lease were also recorded within the consolidated statement of operations.

In August 2020, the Company extended for a further two years, expiring in August 2022, the lease for its corporate headquarters facility in Berkeley Heights, New Jersey.

Rent expense, which includes lease payments related to the Company’s research and development facilities and corporate headquarters and other rent related expenses was $0.4 million for the year ended December 31, 2020 and decreased to $0.2 million for the year ended December 31, 2021, the reduction due to the assignment of the Company’s former facility in Dundee, Scotland.

The following is a summary of the Company’s future contractual obligations and commitments relating to its former facilities lease as at December 31, 2021 (in thousands):

​	​	​	​
​		Operating Lease
​		Obligation
2022	​	$	30
2023	​		—
2024	​		—
2025	​		—
2026	​		—
thereafter	​		—
Total future minimum lease obligation	​	$	30

​

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The entire disclosure for commitments and contingencies.

+ References

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-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
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-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
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