The Company’s operating lease obligation at its corporate headquarters in California consists of leased office, laboratory, and manufacturing space under a non-cancellable operating lease that expires in October 2027. In May 2023, the Company extended the lease term for an additional three years and recorded an additional $2,504,000 right-of-use asset and lease liability from the remeasurement. The lease agreement includes a renewal provision allowing the Company to extend this lease for an additional period of five years.

The Company’s non-cancelable operating lease obligation at its facility in Minnesota consists of additional office, laboratory and manufacturing space and expires in November 2029. The lease agreement includes a renewal provision allowing the Company to extend this lease for two additional five year terms.

Balance sheet information as of September 30, 2023 and December 31, 2022 consists of the following (in thousands):


	September 30,		December 31,
Operating Lease:	2023		2022
Operating lease right-of-use assets in other non-current assets	$	6,765	$	5,081
Operating lease liabilities in accrued liabilities	$	1,700	$	1,844
Operating lease liabilities in other liabilities		7,636		5,998
Total operating lease liabilities	$	9,336	$	7,842

The following table summarizes the Company’s operating lease payments as of September 30, 2023 (in thousands):



Period Ending December 31:	Amount
2023	$	496
2024		1,991
2025		2,130
2026		2,255
2027 and thereafter		4,459
Total lease payments	$	11,331
Less: imputed interest		(1,995)
Present value of lease liabilities	$	9,336

Purchase obligations consist of agreements to purchase goods and services entered into in the ordinary course of business. As of September 30, 2023, the Company had non-cancellable purchase obligations to suppliers of $18,320,000. In addition, the Company has minimum purchase commitments under its amended supply agreement with Cordis from July 2024 through February 2029 which require a specified minimum volume commitment based on the actual units purchased during the prior year period from July 1 through June 30, with the unit purchase price dependent upon annual volume during the same prior year period.

In the normal course of business, the Company enters into contracts and agreements with suppliers and other parties that contain a variety of representations and warranties and may provide for indemnification of the counterparty. The Company’s exposure under these agreements is unknown because it involves claims that may be made against it in the future but have not yet been made. To date, the Company has not been subject to any claims or been required to defend any action related to its indemnification obligations.

The Company indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits, while the director or officer is or was serving at the Company’s request in such capacity, as permitted under Delaware law and in accordance with its certificate of incorporation and bylaws. The term of the indemnification period lasts as long as a director or officer may be subject to any proceeding arising out of acts or omissions of such director or officer in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company currently holds director and officer liability insurance. The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations as of September 30, 2023.