Leases

12 Months Ended

Dec. 31, 2021

Leases

Leases

10.  Leases

The Company leases laboratory and office space and certain equipment with remaining terms ranging from 1 year to 3 years.

The laboratory and office arrangement is under a sublease that was renewed in December of 2021 and currently extends through May 31, 2023. This lease automatically renews annually for a one-year period unless the Company or Harvard Bioscience provides a notice of termination within one hundred and eighty days prior to May 31 of each year.

All of the Company’s leases qualify as operating leases. The following table summarizes the presentation of the Company’s operating leases in its consolidated balance sheets:

		December 31,
	Balance Sheet Classification	2021		2020
		(in thousands)
Assets:
Operating lease assets	Right-of-use asset, net	$	169	$	182
Liabilities:
Current portion of operating lease liabilities	Current portion of operating lease liabilities		110		107
Operating lease liabilities, net of current portion	Operating lease liabilities, net of current portion		59		75
Total operating lease liabilities		$	169	$	182

Cash paid for leases included in cash used in operating activities in the Company’s consolidated statement of cash flows during the years ended December 31, 2021, and 2020 amounted to approximately $121,000, respectively.

The weighted average remaining lease terms and weighted average discount rates as of December 31, 2021 and 2020 were as follows:

	Year ended December 31,
	2021		2020
Remaining lease term (in years)	1.60		1.92
Discount rate	9.14	%	10.16	%

The following table summarizes the effect of lease costs in the Company’s consolidated statements of operations:

		For the Year Ended December 31,
		2021		2020
		(in thousands)
Operating lease expense	Research and development	$	77	$	77
	General and administrative		44		44
	Total	$	121	$	121

The minimum lease payments for the next five years and thereafter are as follows:

	As of
	December 31, 2021
	(in thousands)
2022	$	121
2023		55
2024		7
2025		—
Total lease payments		183
Less: imputed interest		14
Present value of operating lease liabilities	$	169