v3.25.1
Operating Leases
3 Months Ended
Mar. 31, 2025
Operating Leases  
Operating Leases

7. Operating Leases

The Company previously leased office and research space in Rockville, Maryland under an operating lease. During the year ended December 31, 2024, the Company abandoned the leased space and recognized an impairment charge of approximately $400,000, representing the carrying value of the right-of-use asset. There were no operating leases in place as of March 31, 2025.

The components of lease expense and related cash flows were as follows:

Three Months Ended March 31, 

   

2025

   

2024

Operating lease cost

$

557

$

188,310

Variable lease cost

29,812

99,887

Total operating lease cost

$

30,369

$

288,197

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash outflows for operating leases

$

67,401

$

196,314