Quarterly report pursuant to Section 13 or 15(d)

Commitments (Tables)

Commitments (Tables)

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Classification of Lease Liabilities

The balance sheet classification of the Company’s lease liabilities was as follows (in thousands):


Description	September 30, 2021		December 31, 2020
Operating lease liabilities:
Current portion of lease liabilities	$	654	$	644
Long-term portion of lease liabilities	$	2,700	$	2,959

Summary of Future Minimum Lease Payments

As of September 30, 2021, the maturities of our operating lease liabilities were as follow

(in thousands):


	Amount
October 1, 2021 - December 31, 2021	$	171
Year ending December 31:
2022		693
2023		707
2024		721
2025		736
Thereafter		1,452

Total lease payments		4,480
Less: Present value adjustment		(1,126	)

Operating lease liabilities		3,354

Lease, Cost

Lease costs under the terms of the Company’s leases for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Operating lease cost (1)	$	154	$	154	$	461	$	461
Variable lease costs (2)		46		43		111		89

Total lease cost	$	200	$	197	$	572	$	550

(1)	Operating lease payments included in the measurement of the Company’s lease liabilities are comprised of fixed payments according to the terms of the Company’s leases.

(2)

Variable lease payments consist of the Company’s utility costs billed by and paid to its landlord. Variable lease payments are presented as operating expenses in the Company’s Consolidated Statement of Operations in the same line item as expense arising from fixed lease payments and in net cash used in operating activities in the Company’s Statement of Cash Flows.