​

​

13. Commitments and Contingencies

During the three and nine months ended September 30, 2022, Mustang entered into a new lease for office space commencing on July 1, 2022. The lease has a term of 7 years and 7 months, with rent obligations beginning on November 1, 2022. Base rent is $49,000 per month and increases to $56,000 per month during the term of the lease. The first 24 months of rent payments are abated, and the lease includes a $0.3 million tenant improvement allowance. There were no other material changes in our contractual obligations and commitments, including our lease obligations, as described in our 2021 Form 10-K.

​

During the three and nine months ended September 30, 2022 and 2021, the Company recorded the following as lease expense to current period operations:

​

​

The following tables summarize quantitative information about the Company’s operating leases, under the adoption of ASC Topic 842, Leases:

​

​

Indemnification

In accordance with its certificate of incorporation, bylaws and indemnification agreements, the Company has indemnification obligations to its officers and directors for certain events or occurrences, subject to certain limits, while they are serving at the Company’s request in such capacity. The Company also has director and officer insurance to address such claims. The Company also provides indemnification of contractual counterparties in certain situations, including without limitation to clinical sites, service providers and licensors.