Future minimum lease payments under operating leases at December 31, 2021 are as follows (in thousands): 2022 $ 1,813 2023 2,031 2024 1,981 2025 1,931 2026 1,982 Thereafter 11,741 Total minimum lease payments $ 21,479 Total rent expense under these operating leases was approximately $2.4 million and $2.3 million for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, the Company had unused letters of credit of $1.4 million which were issued primarily to secure leases. Contingencies CVR liability Upon closing the Transactions, the Company entered into a CVR Agreement. Each CVR entitles its holder to receive additional consideration of up to $1.00, to satisfy future performance milestones, settleable in cash, common stock, or a combination of cash and common stock, at the Company's sole election. As of the acquisition closing date, there were approximately 74.1 million CVRs. There will be additional issuance of up to 10.5 million CVRs to holders of Strongbridge rollover options and assumed warrants upon exercise. Litigation From time to time, the Company may become involved in various legal actions arising in the ordinary course of business. As of December 31, 2021, management was not aware of any existing, pending or threatened legal actions that would have a material impact on the financial position or results of operations of the Company. Note 17. Net loss per common share Basic and diluted net loss per common share are determined by dividing net loss applicable to common stockholders by the weighted average common shares outstanding during the period. For all periods presented, the shares issuable upon conversion, exercise or vesting of Convertible Notes, warrants, stock option awards and RSUs have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted average common shares outstanding used to calculate both basic and diluted net loss per common share are the same. The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect: 2021 2020 Shares to be issued upon conversion of Convertible Notes 15,416,667 15,416,667 Vested and unvested stock options 11,362,336 4,953,906 Restricted stock units 2,005,041 766,550 Warrants 6,373,452 94,012 Total anti-dilutive securities excluded from EPS computation1 35,157,496 21,231,135 As of December 31, XERIS BIOPHARMA HOLDINGS, INC. Notes to Consolidated Financial Statements 120 1 Total anti-dilutive securities exclude CVRs which are settleable in cash, additional Xeris Biopharma shares, or a combination, at the election of the Company.
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