Leases

9 Months Ended

Sep. 30, 2022

Leases

Leases

11. Leases

Operating Leases

Agreements for Office and Laboratory Space

The Company has a sublease agreement pursuant to which it subleases 33,019 square feet of office space for its headquarters in Wayne, Pennsylvania.  The sublease has a term that runs through October 2023.  If for any reason the lease between the landlord and sublandlord is terminated or expires prior to October 2023, the Company’s sublease will automatically terminate.  In December 2020, the Company entered into a sub-sublease agreement under which it sub-subleased 8,115 square feet to a third party.  The sub-sublease term runs concurrently with the original sublease agreement.

In February 2019, the Company entered into a sublease agreement with a third party for 20,433 square feet of office and laboratory space in St. Louis, Missouri.  The lease commenced in June 2019 and has a term that runs through June 2029.

Supplemental balance sheet information related to operating leases is as follows:  

		September 30,		December 31,
(In thousands)	2022		2021
Operating Leases:
Gross cost	$	5,240	$	5,240
Accumulated amortization		(2,364)		(1,803)
Other assets	$	2,876	$	3,437
Current portion of lease liabilities	$	766	$	693
Other liabilities		1,617		2,151
Total operating lease liabilities	$	2,383	$	2,844

Amortization expense related to operating lease right-of-use assets and accretion of operating lease liabilities totaled $0.3 million for each of the three months ended September 30, 2022 and 2021 and $0.8 million for each of the nine months ended September 30, 2022 and 2021.