XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Commitments and Contingencies | 9 Months Ended
--- | ---
Sep. 30, 2022
Commitments and Contingencies |
Commitments and Contingencies | Note 11 – Commitments and Contingencies Indemnification In accordance with its certificate of incorporation, bylaws and indemnification agreements, the Company has indemnification obligations to its officers and directors for certain events or occurrences, subject to certain limits, while they are serving at the Company’s request in such capacity. The Company has director and officer insurance to address such claims. The Company also provides indemnification of contractual counterparties in certain situations, including without limitation to clinical sites, service providers and licensors. Leases On June 14, 2022, the Company entered into a sublease agreement with The Paul Revere Life Insurance Company. Pursuant to the terms of the sublease lease agreement, the Company agreed to lease 26,503 square feet, located at 1 Mercantile Street, Worcester, MA (the “Facility”), through January 2030. The Company recorded a right of use asset and related operating lease liability of $2.2 million on the Unaudited Balance Sheet at the lease inception. The Company also leases office space and copiers under agreements classified as operating leases that expire on various dates through 2026. The Company’s lease liabilities result from the lease of its Facility in Massachusetts, which expires in 2026, and its copiers, which expire in 2024. Such leases do not require any contingent rental payments, impose any financial restrictions, or contain any residual value guarantees. Certain of the Company’s leases include renewal options and escalation clauses; renewal options have not been included in the calculation of the lease liabilities and right of use assets as the Company is not reasonably certain to exercise the options. The Company does not act as a lessor or have any leases classified as financing leases. At September 30, 2022, the Company had operating lease liabilities of $4.0 million and right of use assets of $3.0 million, which were included in the Unaudited Balance Sheet. At December 31, 2021, the Company had operating lease liabilities of $2.0 million and right of use assets of $1.1 million, which were included in the Unaudited Balance Sheet. The following summarizes quantitative information about the Company’s operating leases: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Nine Months Ended
​ | ​ | ​ | September 30, | ​ | ​ | September 30,
($ in thousands) |  | 2022 |  | 2021
Lease cost | ​ |  |  | ​ |  |
Operating lease cost |  | $ | 414 |  | $ | 232
Variable lease cost | ​ | ​ | 293 | ​ | ​ | 447
Total |  | $ | 707 |  | $ | 679
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Nine Months Ended |
​ | ​ | ​ | September 30, | ​ | ​ | ​ | September 30, | ​
($ in thousands) |  | 2022 |  |  | 2021 |
Operating cash flows from operating leases |  | $ | 362 | ​ |  | $ | 260 | ​
Weighted-average remaining lease term – operating leases | ​ | ​ | 6.3 | ​ | ​ | ​ | 5.6 | ​
Weighted-average discount rate – operating leases | ​ | ​ | 9.1 | % | ​ | ​ | 9.0 | %
​ ​ Maturities of our operating leases, excluding short-term leases, are as follows: ​
​ | ​ | ​ | ​
($ in thousands) |  | ​ | ​
Year ended December 31, 2022 | ​ | $ | 151
Year ended December 31, 2023 | ​ | ​ | 529
Year ended December 31, 2024 | ​ |  | 614
Year ended December 31, 2025 | ​ |  | 1,139
Year ended December 31, 2026 | ​ |  | 1,076
Thereafter | ​ | ​ | 2,044
Total | ​ |  | 5,553
Less present value discount | ​ | ​ | (1,567)
Operating lease liabilities | ​ | $ | 3,986
​

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 -Paragraph 4 -Subparagraph (c) -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 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123406679&loc=d3e25336-109308 + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration