Note 5 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

5.

 

Commitments and Contingencies

Operating Lease

 

The Company’s facility is located in Waltham, Massachusetts. In

July 2018,

it amended the lease extending its expiration to

September 2019.

During the

three

and

nine

months ended

September 30, 2019,

it recognized operating lease expense of

$0.1

million and

$0.2

million, respectively including property taxes and routine maintenance expense, which approximated its cash payments for the period. The lease expired as of

September 30, 2019,

and therefore the condensed consolidated balance sheet does

not

include an operating lease right-of-use asset or an operating lease liability in other assets and other current liabilities, respectively. As of

September 30, 2019,

there are

no

future minimum payments required under the operating lease. As of

September 30, 2019,

the Company has provided a security deposit in the amount of

$22,000

to the lessor. The security deposit will be returned within

30

days of the expiration of the lease which occurred on

September 30, 2019.

Restricted cash related to facilities leases

As of

September 30, 2019

and

December 31, 2018,

the Company had

$22,000

in an outstanding letter of credit to be used as collateral for leased premises. As of

September 30, 2019

and

December 31, 2018,

the Company pledged an aggregate of

$22,000

to the bank as collateral for the letter of credit, which is included in other current assets and non-current assets, respectively. The security deposit will be returned within

30

days of the expiration of the lease which occurred on

September 30, 2019.