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Operating Lease
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Operating Leases Operating Leases
In April 2019, the Company entered into a twenty-eight month facility lease agreement for office space in Pacific Palisades, California (the “Pacific Palisades Lease”). The Pacific Palisades Lease commenced on May 1, 2019, included four months of rent abatement and a rent escalation clause and was set to expire on August 31, 2021. In August 2021, the Company exercised its option to extend the term of the Pacific Palisades Lease for an additional three-year period and entered into an amendment to the lease agreement (the “Pacific Palisades Lease Amendment”). Pursuant to the Pacific Palisades Lease Amendment, the Company and the landlord agreed to extend the term for an additional period of three (3) years and six (6) months, until February 28, 2025, with an option to renew for an additional three (3) years in accordance with the terms of the Pacific Palisades Lease. Included in the Pacific Palisades Lease Amendment were nine months of rent abatement and a rent escalation clause. The Pacific Palisades Lease expired on February 28, 2025.
In April 2022, the Company entered into a lease agreement for office space in Morristown, New Jersey (the “Morristown Lease”). The Morristown Lease has a term of seventy-three months, unless terminated sooner, and includes rent abatement for the first three months and the forty-seventh and forty-eighth calendar months after lease commencement. Included in the Morristown Lease are fixed rent escalations of approximately 2% on each anniversary year of the lease term. In connection with the FYARRO Divestiture, KAKEN assumed the Morristown Lease. The Company has entered into a short-term sublease for six months with KAKEN and has elected the short-term lease exemption under ASC 842. As such, this lease is not recorded on the balance sheet. Lease payments made are recognized on a straight-line basis over the lease term in the income statement.
The following table summarizes information related to the Company’s leases (in thousands):
March 31, 2025December 31, 2024
Assets:
Operating lease right-of-use assets$— $787 
Liabilities:
Operating lease liabilities, current$— $268 
Operating lease liabilities, non-current— 565 
Total operating lease liabilities$— $833 
Rent expense for the three months ended March 31, 2025 and 2024 is presented on the following table (in thousands):
Three Months Ended March 31,
20252024
Operating lease rent expense$74 $115 
Cash paid for leases and included in operating cash flows for the three months ended March 31, 2025 and 2024 is presented on the following table (in thousands):
Three Months Ended March 31,
20252024
Cash paid included in operating cash flows$99 $126