Leases

12 Months Ended

Dec. 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 years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024			2023			2022
Lease cost
Operating lease expense	$	1,646		$	1,645		$	1,126
Variable lease expense(1)		826			787			774
Lease term and discount rate
Weighted average remaining lease term (years)		6.4			7.3			8.1
Weighted average discount rate		3.8	%		3.9	%		4.0	%

(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 December 31, 2024 were as follows:


Year ending December 31:
2025	$	1,690
2026		1,755
2027		1,739
2028		1,037
2029		1,085
2030 and thereafter		2,861
Total future minimum lease payments	$	10,167
Less: imputed interest		(1,152	)
Present value of lease liabilities	$	9,015