Leases

12 Months Ended

Dec. 31, 2024

Leases

Leases

9. Leases

The Company has operating leases for office space and laboratory facilities. The components of lease expense were as follows:

	Year Ended
	December 31,
(In thousands)	2024		2023
Operating lease expense	$	862	$	1,092

Rent expense was $0.9 million and $1.1 million for the years ended December 31, 2024 and 2023, respectively, which was recognized on a straight-line basis over the term of the lease.

Operating Leases

Agreements for Office and Laboratory Space

The Company had a sublease agreement pursuant to which it subleased 33,019 square feet of office space for its headquarters in Wayne, Pennsylvania, which expired on October 31, 2023.

In May 2023, the Company entered into a new lease agreement pursuant to which it leases 11,564 square feet of office space for its headquarters in Wayne, Pennsylvania. The lease commenced on November 1, 2023 and has a term that runs through February 2029.

In February 2019, the Company entered into a sublease agreement for 20,433 square feet of office and laboratory space in St. Louis, Missouri. The lease commenced in June 2019 and has a term that runs through May 2029. In January 2023, the Company amended the sublease agreement to add an additional 6,261 square feet of office and laboratory space effective February 2023. The Company exercised its option to terminate the leasing of the additional space effective as of June 30, 2024.

Supplemental balance sheet information related to operating leases is as follows:  

	December 31,		December 31,
(In thousands)	2024		2023
Operating Leases:
Gross cost	$	4,530	$	5,094
Accumulated amortization		(1,688)		(1,235)
Other assets	$	2,842	$	3,859
Current portion of lease liabilities	$	481	$	426
Other liabilities		2,117		3,074
Total operating lease liabilities	$	2,598	$	3,500

Amortization expense related to operating lease right-of-use assets and accretion of operating lease liabilities totaled $0.5 million and $0.8 million for the years ended December 31, 2024 and 2023, respectively.

Supplemental information related to operating leases is as follows:

	Year Ended
(In thousands, except for years and percentages)	December 31,
Supplemental Cash Flow Lease Information:	2024			2023
Operating cash flows from operating leases	$	736		$	974
Leased assets obtained in exchange for new operating lease liabilities	$	—		$	2,010
Weighted-Average Remaining Lease Term (in years):
Operating leases		4.3			5.3
Weighted-Average Discount Rate:
Operating leases		10.1	%		10.2	%

Future minimum lease payments under operating lease agreements are as follows:

(In thousands)		Operating
Year Ending December 31,		Leases
2025		694
2026		742
2027		760
2028		779
2029		260
Total undiscounted lease payments		3,235
Less: unrecognized interest		(637)
Total lease liability	$	2,598