Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Commitments and Contingencies

10.    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 April 2022, the Company extended the lease for its corporate headquarters facility in Berkeley Heights, New Jersey for a further three years, expiring in July 2025.

For the years ended December 31, 2023 and December 31, 2022, the Company recognized operating lease expenses of $74,218 and $62,528 respectively, including $10,851 in 2023 relating to a short term lease for offices in Dundee, Scotland. The remaining lease term as of December 31, 2023 is approximately 1.6 years for the Berkeley Heights facility. The discount rate used by the Company in determining the lease liability was 12%.

The following is a summary of the Company’s future contractual obligations and commitments relating to its facilities lease as at December 31, 2023 (in thousands):

	Operating Lease
	Obligation
2024	$	66
2025		38
Thereafter		—
Total future minimum lease obligation	$	104
Less imputed interest		(11)
Total	$	93