Commitments and Contingencies
|9 Months Ended
Sep. 30, 2023
|Commitments and Contingencies [Abstract]
|Commitments and Contingencies
Note 14 – Commitments and Contingencies
The Company leases laboratory spaces, warehouse and office facilities with lease terms ranging from three to five years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain operating leases also include renewal options at the election of the Company to renew or extend the lease. The Company evaluates renewal options at lease inception and on an ongoing basis and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities.
As of September 30, 2023, the Company had operating lease liabilities of approximately $0.7 million and right-of- use assets of approximately $0.7 million, which are included in the condensed consolidated balance sheet.
The components of operating lease expense were as follows:
The following information represents supplemental disclosure for the condensed consolidated statement of cash flows related to operating leases (in thousands):
The present value assumptions used in calculating the present value of the lease payments were as follows:
As of September 30, 2023, future minimum payments are as follows (in thousands):
From time to time, the Company is also involved in various other claims and legal actions that arise in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, the Company does not believe that the ultimate resolution of these actions will have a material adverse effect on its financial position, results of operations, liquidity or capital resources.
Future litigation may be necessary to defend ourselves and our partners by determining the scope, enforceability and validity of third party proprietary rights or to establish the Company’s proprietary rights. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors.