XML 31 R16.htm IDEA: XBRL DOCUMENT

Leases

3 Months Ended

Mar. 31, 2024

9. 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, and 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 was as follows (in thousands):


		March 31, 2024		December 31, 2023
Operating leases:
Operating lease right-of-use assets	$	1,458	$	1,564

Operating lease liabilities, current portion	$	419	$	310
Operating lease liabilities, net of current portion		1,206		1,340
Total operating lease liabilities	$	1,625	$	1,650

Operating lease liabilities, current portion is included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets.

For each of the three months ended March 31, 2024 and 2023, the Company recorded operating lease expense of $0.1 million. Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. The Company did not incur significant variable lease costs for the three months ended March 31, 2024 and 2023.

Other information related to the Company’s operating leases was as follows:


	March 31, 2024	December 31, 2023
Weighted-average remaining lease term (in years)	4.20	4.81
Weighted-average discount rate	8.3%	8.3%

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


	Three Months Ended March 31,
	2024		2023
Cash paid for operating lease liabilities	$	63	$	61

The Company’s future minimum lease payments were as follows as of March 31, 2024 (in thousands):


Years ending December 31,	Amount
2024 (represents remaining nine months in 2024)	$	388
2025		464
2026		412
2027		422
2028		433
Total lease payments		2,119
Less imputed interest		(494)
Present value of operating lease liabilities	$	1,625