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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Legal The Company is subject to legal proceedings or claims which arise in the ordinary course of its business. Although occasional adverse decisions or settlements may occur, the Company believes that the final disposition of such matters should not have a material adverse effect on its financial position, results of operations or liquidity. License Agreement Effective January 26, 2022, the Company entered into an Exclusive License Agreement (the License Agreement) with an unrelated third party. Under the License Agreement, the Company is granted an exclusive license for certain patents and a non-exclusive license for certain know-how. The License Agreement continues until the later of the expiration of the last to expire licensed patent or ten years after the first commercial sale of the first licensed therapeutic or non-therapeutic product. The Company may terminate the License Agreement at any time by providing at least 30 days written notice to the third party. The License Agreement is also terminated upon breach of a material obligation under the agreement or bankruptcy. Upon any termination of the License Agreement, neither party is relieved of obligations incurred prior to the termination. During the three and nine months ended September 30, 2024 the Company did not capitalize any payments made under this license agreement. During the three and nine months ended September 30, 2023, the Company capitalized payments made under this license agreement in the amount of $0 and $15,263, respectively. Operating Leases The Company leases office and lab space in Branford, CT, Groton, CT, and Montreal, Quebec. The Company’s leases expire at various dates through May 31, 2027. Most leases are for a fixed term and for a fixed amount. During 2019, the Company entered into a new lease agreement for office and laboratory space in Montreal, Quebec. The Montreal lease required monthly payments of $6,906, CAD which increases approximately 4% in each of the following years. The Montreal lease was increased to $8,130 CAD in 2021 upon leasing additional space. The Montreal lease was initially for a one-year term, renewable annually. The Montreal lease also requires the Company to pay additional common area maintenance. During 2020, the Company entered into a new lease agreement for the Company’s primary office and laboratory space in Branford, CT. The Branford lease requires monthly payments of $13,033 for the first year of the lease, which increases approximately 2% in each of the following years. The Branford lease also requires the Company to pay a pro-rata share of common area maintenance. During May 2021, the Company entered into a new lease for office and laboratory space in Groton, CT. The Groton lease required monthly payments of $4,234, which was increased to $6,824 in September 2021 upon leasing additional space. In August 2024, the Company reassessed its needs and released certain lab space resulting in a decrease to the monthly payment to $5,216. The Groton lease is initially for a one-year term, renewable annually for up to three additional years. Future minimum payments under non-cancelable operating leases with initial or remaining terms in excess of one year during each of the next five years follow:
2024 (Remaining 3 months) | $ | 73,307 |
2025 | 281,259 |
2026 | 199,713 |
2027 | 89,146 |
2028 | — |
Thereafter | — |
Total future undiscounted lease payments | 643,425 |
Less interest | (30,030) |
Present value of minimum lease payments | $ | 613,395 |
Rent expense for all operating leases was $254,142 and $254,142 for the nine months ended September 30, 2024 and September 30, 2023, respectively. The weighted average lease term for all operating leases is 2.3 years. The weighted average discount rate for all operating leases is 4.25%. Finance Leases During 2023, the Company entered into an agreement with Hewlett Packard to lease equipment. The lease requires monthly payments of $1,478, including tax. The lease is for a 3 years term with option of purchase or extension at term end. The remaining lease term is 1.8 years and the discount rate is 9.60%. The following is a schedule showing the future minimum lease payments under finance leases by years and the present value of the minimum payments as of September 30, 2024.
2024 (Remaining 3 months) | $ | 4,435 |
2025 | 17,001 |
2026 | 11,090 |
2027 | — |
Thereafter | — |
Total future undiscounted lease payments | 32,526 |
Less interest | (2,573) |
Present value of minimum lease payments | $ | 29,953 |
Lease expense for the finance lease was $11,610 and $2,580 for the nine months ended September 30, 2024 and September 30, 2023, respectively. Interest expense for the finance lease was $2,486 and $710 for the nine months ended September 30, 2024 and September 30, 2023, respectively.

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