Operating Lease Commitments |
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| Operating Lease Commitments | Note 11. Operating Lease Commitments The Company entered into an operating lease arrangement that commenced on October 1, 2025 with unrelated parties for office space located in Wayne, PA. The lease expires on September 30, 2028, and the Company has the option of extending the lease for two additional one-year terms. The Company did not include options to extend its lease terms as part of its right-of-use asset and lease liabilities. The lease is subject to additional variable charges, including common area maintenance and property insurance. Given the variable nature of such costs, they are recognized as expense as incurred. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term. The Company has recorded right-of-use assets of $0.6 million and lease liabilities of $0.6 million for its operating lease on the consolidated balance sheet as of December 31, 2025. The following are the components of lease cost recognized within general and administrative expense on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2025:
As of December 31, 2025, the weighted average remaining lease life and weighted average discount rate were as follows:
As of December 31, 2025, the future minimum rental payments due under non-cancelable leases are as follows:
As of December 31, 2025, the Company had no leases that had not yet commenced. There were no material leases during the year ended December 31, 2024. |
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