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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2024
Commitments and Contingencies |
Commitments and Contingencies | Note 12 – Commitments and Contingencies Indemnification In accordance with its Certificate of Incorporation, amended and restated 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 The Company leases office space under an agreement classified as operating leases that expires in October 2026. On June 28, 2024, the Company terminated the lease of its Mercantile Center Facility for a termination fee of $40,000. The Company’s lease liabilities result from the lease of its Plantation Street Facility, which expires in 2026. 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 June 30, 2024, the Company identified triggering events that required an impairment of the asset group consisting of the right-of-use asset and associated leasehold improvements. The assessment concluded that impairment existed as of June 30, 2024, and the impairment loss was allocated to the leasehold improvements and right-of-use assets based on the relative carrying amounts of the assets (see Note 6). As of June 30, 2024, the Company had operating lease liabilities of $1.1 million and right of use assets of $0.1 million, which were included in the Unaudited Balance Sheet. At December 31, 2023, the Company had operating lease liabilities of $2.5 million and right of use assets of $1.6 million, which were included in the Unaudited Balance Sheet. The following summarizes quantitative information about the Company’s operating leases: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Six Months Ended |
​ | ​ | ​ | June 30, | ​ | ​ | June 30, | ​
($ in thousands) |  | 2024 |  | 2023 |
Lease cost | ​ |  |  | ​ |  |  | ​
Operating lease cost |  | $ | 78 |  | $ | 395 | ​
Variable lease cost | ​ | ​ | (25) | ​ | ​ | 380 | ​
Total |  | $ | 53 |  | $ | 775 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Six Months Ended |
​ | ​ | ​ | June 30, | ​ | ​ | ​ | June 30, | ​
($ in thousands) |  | 2024 |  |  | 2023 |
Operating cash flows from operating leases |  | $ | 281 | ​ |  | $ | 132 | ​
Gain on lease modification | ​ | $ | 314 | ​ | ​ | $ | 220 | ​
Weighted-average remaining lease term – operating leases | ​ | ​ | 2.3 | ​ | ​ | ​ | 4.9 | ​
Weighted-average discount rate – operating leases | ​ | ​ | 9.0 | % | ​ | ​ | 9.1 | %
​ ​ Maturities of our operating leases, excluding short-term leases, are as follows: ​
​ | ​ | ​ | ​
($ in thousands) |  | ​ | ​
Year ended December 31, 2024 | ​ | $ | 588
Year ended December 31, 2025 | ​ | ​ | 774
Year ended December 31, 2026 | ​ |  | 703
Year ended December 31, 2027 | ​ |  | 269
Year ended December 31, 2028 | ​ |  | 274
Thereafter | ​ | ​ | 303
Total | ​ |  | 2,911
Less present value discount | ​ | ​ | (1,826)
Operating lease liabilities | ​ | $ | 1,085
​

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