Leases

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Lease Cost
Operating lease expense	$	411		$	411		$	823		$	823
Variable lease expense(1)		205			198			413			395
Lease Term and Discount Rate
Weighted average remaining lease term (years)		6.87			7.77			6.87			7.77
Weighted average discount rate		3.86	%		3.90	%		3.86	%		3.90	%

(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 June 30, 2024 were as follows:


Year ending December 31:
2024	$	854
2025		1,736
2026		1,804
2027		1,791
2028		1,090
2029 and thereafter		4,148
Total future minimum lease payments	$	11,423
Less: imputed interest		(1,390	)
Present value of lease liabilities	$	10,033