Note 7 - Leases:

The Company entered into a seven-year operating lease agreement in March 2020 for an office space at 300 Connell Drive, Berkeley Heights, New Jersey 07922. The lease agreement, with a monthly average cost of approximately $17,000, commenced on September 16, 2020.

Operating lease expense in the Company’s condensed consolidated statements of operations and comprehensive loss for each of the three months ended March 31, 2025 and 2024 was approximately $50,000 and $52,000, respectively, which includes costs associated with leases for which ROU assets have been recognized as well as short-term leases.

At March 31, 2025, the Company has a total operating lease liability of $476,000, of which approximately $172,000 and $304,000 were classified as operating lease liabilities, short-term and operating lease liabilities, net of current portion, respectively, on the condensed consolidated balance sheet. At December 31, 2024, the Company’s total operating lease liability was $517,000, of which $168,000 was classified as operating lease liabilities, short-term and $349,000 was classified as operating lease liabilities, net of current portion, on the condensed consolidated balance sheet. Operating ROU assets as of March 31, 2025 and December 31, 2024 were $454,000 and $493,000, respectively.

The weighted average remaining lease term as of March 31, 2025 and 2024 were 2.6 and 3.6 years, respectively, and the weighted average discount rate for operating leases was 9% at March 31, 2025 and 2024.

As of March 31, 2025, maturities of lease liabilities were as follows: