Leases

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Lease Cost
Operating lease expense	$	409	$	411	$	817	$	823
Variable lease expense(1)		207		205		407		413

(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.

The following table presents the weighted average remaining lease term, and the weighted average discount rates related to leases as of June 30, 2025 and 2024:


	June 30,			June 30,
	2025			2024
Lease Term and Discount Rate
Weighted average remaining lease term (years)		6.0			6.9
Weighted average discount rate		3.8	%		3.9	%

Future minimum lease payments as of June 30, 2025 were as follows:


Year ending December 31:
2025		878
2026		1,808
2027		1,796
2028		1,096
2029		1,147
2030 and thereafter		3,023
Total future minimum lease payments		9,748
Less: imputed interest		(1,033	)
Present value of lease liabilities	$	8,715