Minerva Neurosciences, Inc. Leases Disclosure
NOTE 10 — LEASES
Operating leases
On May 5, 2021, the Company entered into an office lease agreement with BP Reservoir Place to lease approximately 5,923 rentable square feet of office space located at 1601 Trapelo Road, Waltham, MA 02451. The term of the lease agreement began on August 1, 2021 and expired on July 31, 2022, with an annual rate of $239,881.50 payable in equal monthly installments. The Company has elected to not recognize the lease agreement on the balance sheet as the term of the agreement is 12 months or less. The total operating lease costs during the twelve months ended December 31, 2022 were $139,931.
On October 11, 2022, the Company entered into an office lease agreement with Regus to lease approximately 491 rentable square feet of office space located at 1500 District Avenue, Burlington, MA 01803. The lease is on a month-to-month basis commencing on February 1, 2023, with a monthly payment of $8,290. The term of the previous lease for this space began on July 15, 2022 and expired on January 31, 2023, with a monthly rate of $7,533. The Company has elected to not recognize the lease agreement on the balance sheet as the term of the agreement is 12 months or less. The total operating lease costs during the twelve months ended December 31, 2022 were $41,796.
Future minimum lease payments under the Company’s non-cancelable operating lease as of December 31, 2022 were as follows:
Future Operating Lease Payments |
|
Year Ended |
|
|
2023 |
|
$ |
7,533 |
|
Thereafter |
|
|
— |
|
Total operating lease liabilities at December 31, 2022 |
|
$ |
7,533 |
|
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2022 | Mar 8, 2023 | Showing above |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 8, 2021 | |
| 2019 | Mar 9, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.