Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

11. Leases

The Company currently leases approximately 11,000 square feet of office and laboratory space in Exton, Pennsylvania under a lease that expires on March 31, 2025. The Company currently leases approximately 14,000 square feet of office and laboratory space in Bothell, Washington, under a lease that expires on October 31, 2028. Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 are as follows (in thousands):

		Year Ended December 31, 2023		Year Ended December 31, 2022
Operating leases:
Operating lease right-of-use assets	$	1,564	$	284
Operating lease liability, current portion	$	310	$	229
Operating lease liability, net of current portion		1,340		62
Total operating lease liability	$	1,650	$	291

Operating lease liability and operating lease liability, net of current portion is included in accrued expenses and other current liabilities and other long-term liabilities, respectively, in the accompanying consolidated balance sheets.

Operating lease expense recorded as research and development and general and administrative expenses in the consolidated statements of operations and comprehensive loss is as follows (in thousands):

Operating lease cost (in thousands)		Year Ended December 31, 2023		Year Ended December 31, 2022
General and administrative	$	161	$	78
Research and development		164		163
Total lease expense	$	325	$	241

Short term lease expense recorded as research and development expense in the consolidated statements of operations and comprehensive loss was $0.2 million and $0.1 million for years ended December 31, 2023 and 2022, respectively.

Other information related to the operating leases where the Company is the lessee was as follows:

	Year Ended December 31, 2023	Year Ended December 31, 2022
Weighted-average remaining lease term (in years)	4.81	1.25
Weighted-average discount rate	8.3%	9.0%

Supplemental cash flow information related to the operating leases was as follows (in thousands):

		Year Ended December 31, 2023		Year Ended December 31, 2022
Cash paid for operating lease liability	$	246	$	234

As of December 31, 2023, minimum rental commitments under the operating leases were as follows (in thousands):

Years ending December 31,	Amount
2024	$	451
2025		464
2026		412
2027		422
2028		433
Total lease payments		2,182
Less imputed interest		(532)
Present value of lease liability	$	1,650