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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2021
Commitments and Contingencies |
Commitments and Contingencies | 10. Commitments and Contingencies Leases All of the Company’s existing leases as of September 30, 2021 are classified as operating leases. As of September 30, 2021, the Company has one operating lease for facilities with a remaining term expiring in 2027. During the quarter ended June 30, 2021, the Company renewed its facility lease by entering into a Second Lease Amendment which extends the lease term for 63 months beginning on September 1, 2022 and ending on December 31, 2027 at stated rental rates and including a 3 month rent abatement. The Second Amendment also has options for a Tenant Improvement Allowance and a Second Extension Term. The Second Amendment also gives the Company the right to expand their space by giving notice to the landlord before December 31, 2021. The Second Extension Term is offered at market rates and there is no economic incentive for the lessee, therefore the Company has determined that it is not part of the original lease term. There is an option in this Second Amendment to Lease for the Company to borrow funds for tenant improvements subject to an 8.5% interest rate. Operating lease costs are presented as part of general and administrative expenses in the condensed consolidated statements of operations, and for the three and nine months ended September 30, 2021 approximated $77,000 and $195,000, respectively, and for the three and nine months ended September 30, 2020 approximated $50,000 and $151,000, respectively. For the three and nine months ended September 30, 2021, operating cash flows used for operating leases approximated $80,000 and $240,000, respectively, and for three and nine months ended September 30, 2020 approximated $77,000 and $231,000, respectively, and the right of use assets exchanged for operating the lease obligation was $1.3 million. The day one non-cash addition of right of use assets due to adoption of ASC 842 was $538,000. A maturity analysis of our operating leases as of September 30, 2021 is as follows (amounts in thousands of dollars): ​
​ | ​ | ​ | ​
Future undiscounted cash flow for the years ending September 30: |  | ​ |
2021 | ​ | $ | 81
2022 | ​ | ​ | 247
2023 | ​ | ​ | 327
2024 | ​ | ​ | 337
2025 | ​ | ​ | 347
2026 | ​ | ​ | 357
2027 | ​ | ​ | 368
Total | ​ | ​ | 2,064
​ | ​ | ​ | ​
Discount factor | ​ | ​ | (488)
Lease liability | ​ | ​ | 1,576
Lease liability – current | ​ | ​ | (175)
Lease liability – long term | ​ | $ | 1,401
​ 10. Commitments and Contingencies – (continued) Risks and Uncertainties On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of COVID-19 and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. As COVID-19 continued to spread around the globe, the Company experienced disruptions that impacted its business and clinical trials, including halting the postponement of clinical site initiation of the Phase 1b/2a clinical trial of SYN-004. The extent to which the COVID-19 pandemic impacts the Company’s business, the clinical development of SYN-004 (ribaxamase) and SYN-020, the business of the Company’s suppliers and other commercial partners, the Company’s corporate development objectives and the value of and market for the Company’s common stock, will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, especially in light of the new variants, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the United States, Europe and other countries, and the effectiveness of actions taken globally to contain and treat the disease. The global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the pandemic could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. In addition, to the extent the ongoing COVID-19 pandemic adversely affects the Company’s business and results of operations, it may also have the effect of heightening many of the other risks and uncertainties which the Company faces.

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