Note 12 - Leases

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

12. Leases

The Company accounts for leases in accordance with ASC 842, “Leases.”

The Company entered into a sublease agreement and lease extension agreement for office space in Beaverton, Oregon in February 2022 to move the Company’s corporate headquarters. The term of the sublease and lease extension runs through September 2030, with remaining rent payments as of March 31, 2025, totaling $7,476 plus operating expenses, payable in monthly installments. The first 26 months of rent payments and operating expenses were abated to cover the remaining lease term on the Company’s former corporate headquarters.

All of the Company’s leases are operating leases. The following table provides additional details of leases presented in the Consolidated Balance Sheets:

	March 31,			December 31,
	2025			2024
Lease right of use assets	$	3,561		$	3,659
Lease liabilities, current	$	809		$	781
Lease liabilities, long-term	$	5,003		$	5,213
Weighted-average remaining life (in years)		5.5			5.7
Weighted-average discount rate		9	%		9	%

The current lease liabilities are included in “accounts payable and other accrued liabilities” in the Consolidated Balance Sheets.

The carrying value of the lease right of use assets is evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. No impairment was recorded for the three months ended March 31, 2025 and 2024. 

Operating lease expense is included in “operating expenses” in the Consolidated Statements of Operations and Comprehensive Loss and in “cash flows from operating activities” in the Consolidated Statements of Cash Flows. The operating leases include variable lease payments, which are included in operating lease expense. Additional details of the Company’s operating leases are presented in the following table:

	Three Months Ended March 31,
	2025		2024
Operating lease expense	$	369	$	429
Cash paid for operating leases	$	452	$	268

The table below reconciles the aggregate cash payment obligations for the next five years and total of the remaining years for the operating lease liability recorded in the Consolidated Balance Sheets as of March 31, 2025:

	Cash
	Payment
As of March 31, 2025	Obligations
Remaining in 2025	$	995
2026		1,356
2027		1,397
2028		1,296
2029		1,389
Thereafter		1,066
Total lease payments		7,499
Imputed interest		(1,687	)
Total minimum lease payments	$	5,812