Leases

12 Months Ended

Dec. 31, 2023

Maturity Analysis of Lease Liabilities

The Company's right-of-use assets and corresponding lease liabilities recorded under ASC 842 include its facility lease for its headquarters located in Woburn, Massachusetts, and a small number of automobile leases entered into under a fleet leasing program during the year ended December 31, 2023. At December 31, 2023, the Company's lease liability related to its Woburn facility and leased automobiles will mature as follows:


Year ended December 31,	Undiscounted Cash Flows
2024	$	810
2025	833
2026	786
2027	25
Thereafter	4
Total undiscounted future lease payments	2,458
Amount of lease payments representing interest	(264)
Total lease liabilities	$	2,194
Short-term lease liabilities	$	669
Long-term lease liabilities	$	1,525

Quantitative Disclosure of Lease Costs


	Year Ended December 31,
	2023		2022
Lease cost:
Operating lease cost	$	624	$	605
Short-term lease cost	758		696
Sublease income	(659)		(605)
Total lease cost, net	$	723	$	696


Other information as of:	December 31, 2023	December 31, 2022
Weighted-average remaining lease term (years)	3.0	3.9
Weighted-average discount rate	7.53%	7.25%

Real Estate Leases

During 2016, the Company entered into a lease agreement, as amended, for its headquarters pursuant to which the Company leases 22,213 square feet of office and research and development space located at 19 Presidential Way, Woburn, Massachusetts. The lease agreement will terminate on November 30, 2026 and does not include options for an early termination or for an extension of the lease. Pursuant to the lease, the Company is required to pay certain pro rata taxes and operating costs associated with the premises throughout the term of the lease. During the initial buildout of the rented space, the landlord paid for certain tenant improvements that resulted in increased rental payments by the Company. As required by ASC 842, these improvements were recorded as a reduction in the valuation of the associated right-of-use asset. The Company provided the landlord with a security deposit in the form of an irrevocable letter of credit in the amount of $229.

In December 2023, the Company notified the landlord that it was deferring monthly rental payments, beginning with the December 2023 rent, until such time that the Company is able to raise additional working capital. The landlord immediately notified the Company that it was in payment default under the terms of the lease and has subsequently withdrawn funds held under the irrevocable letter of credit to cover rent for the months of December 2023 through February 2024, leaving a remaining balance in the letter of credit of $12. The Company reinitiated payment of its monthly rent beginning with the month of March 2024 and intends to return the letter of credit back to its $229 balance as available funding permits.

In October 2016, the Company entered into a sublease agreement with a subsidiary of CJ CheilJedang Corporation ("CJ") with respect to CJ's sublease of 9,874 square feet of its leased facility located in Woburn, Massachusetts. The sublease space was determined to be in excess of the Company's needs. The CJ sublease is coterminous with the Company's master lease and CJ will pay pro rata rent and operating expenses proportionate to the amounts payable to the landlord by the Company, as adjusted from time to time in accordance with the terms of the master lease. Future CJ sublease payments have not been presented as an offset to total undiscounted future lease payments of $2,458 shown in the lease maturity analysis table above. CJ provided the Company with a security deposit of $103 in the form of an irrevocable letter of credit. As a result of Yield10's payment default, CJ now pays the landlord directly for its sublease.

The Company's wholly-owned subsidiary, YOI, located in Saskatoon, Saskatchewan, Canada, leases approximately 9,600 square feet of office, laboratory and greenhouse space located within Innovation Place at 410 Downey Road and within the research facility of National Research Council Canada located at 110 Gymnasium Place. None of these leases contains renewal or early termination options. YOI's leases for these facilities expire on various dates through September 30, 2024.