Leases

3 Months Ended

Mar. 31, 2025

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, 2025 and 2024:


	Three Months Ended March 31,
	2025			2024
Lease Cost
Operating lease expense	$	408		$	412
Variable lease expense(1)		200			208
Lease Term and Discount Rate
Weighted average remaining lease term (years)		6.2			7.1
Weighted average discount rate		3.8	%		3.9	%

(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, 2025 were as follows:


Year ending December 31:
2025	$	1,270
2026		1,754
2027		1,739
2028		1,036
2029		1,084
2030 and thereafter		2,858
Total future minimum lease payments	$	9,741
Less: imputed interest		(1,066	)
Present value of lease liabilities	$	8,675