Leases

3 Months Ended

Mar. 31, 2024

Leases:

The Company has an operating lease for research laboratories and office space in Burnaby, British Columbia which expires on June 30, 2032, and two renewal options for 5-years each which were not considered in the determination of the right-of-use asset and lease liability. The Company has an additional operating lease for office space in Needham, Massachusetts ("Needham Lease"), which commenced in October 2022. The Needham Lease is for a 62-month term and an option to terminate one year prior to the expiry date, which was not considered in the determination of the right-of-use asset and lease liability.

The cost components of the operating leases were as follows for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024			2023
Lease Cost
Operating lease expense	$	412		$	412
Variable lease expense(1)		208			197
Lease Term and Discount Rate
Weighted average remaining lease term (years)		7.09			7.98
Weighted average discount rate		3.87	%		3.92	%

(1)

Variable lease costs are payments that vary because of changes in facts or circumstances and include common area maintenance and property taxes related to the premises. Variable lease costs are excluded from the calculation of minimum lease payments.

Future minimum lease payments as of March 31, 2024 were as follows:


Year ending December 31:
2024	$	1,269
2025		1,747
2026		1,815
2027		1,802
2028		1,102
2029 and thereafter		4,193
Total future minimum lease payments	$	11,928
Less: imputed interest		(1,503	)
Present value of lease liabilities	$	10,425