Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Note 8. Lease

The Company has an operating lease for office and manufacturing space which requires it to pay base rent and certain utilities. Monthly rent expense is recognized on a straight-line basis over the term of the lease which expires in 2027. At June 30, 2022, the remaining lease term was 5.5 years. The operating lease is included in the condensed balance sheets at the present value of the lease payments at a 7% discount rate which approximates the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment, as the lease does not provide an implicit rate. For each of the three months ended June 30, 2022 and 2021, operating lease expense and cash paid for leases was $0.1 million. For the six months ended June 30, 2022 and 2021, operating lease expense and cash paid for leases was $0.2 million and $0.3 million, respectively. Amortization of operating lease right-of-use assets was $0.1 million for each of the three months ended June 30, 2022 and 2021 and $0.1 million and $0.2 million for the six months ended June 30, 2022 and 2021, respectively. Variable costs were de minimis.

Maturities of operating lease liabilities as of June 30, 2022 (in thousands):

Years Ending December 31,
2022 (remaining six months)	$	216
2023		445
2024		459
2025		472
2026		486
Thereafter		501
Total operating lease payments		2,579
Less: imputed interest		(454	)
Total operating lease liability	$	2,125