The Company has an operating lease (the “Office Lease”), which is for office space under a lease that commenced on March 1, 2022 and expires on July 31, 2027 (the “Term”). Below is a summary of the Company’s ROU assets and lease liabilities as of September 30, 2024 and December 31, 2023 (in thousands, except for years and %):


	September 30, 2024			December 31, 2023

Right-of-use assets	$	1,113		$	1,126

Lease liability obligations, current	$	480		$	324
Lease liability obligations, less current portion		755			936
Total lease liability obligations	$	1,235		$	1,260

Weighted-average remaining lease term	2.60 years			3.58 years

Weighted-average discount rate		3.70	%		3.00	%

During the three and nine months ended September 30, 2024, the Company recognized $97,000 and $268,000 in operating lease expenses, respectively, which are included in operating expenses in the Company’s consolidated statement of operations and comprehensive loss.

During the three and nine months ended September 30, 2023, the Company recognized $84,000 and $255,000 in operating lease expenses, respectively, which are included in operating expenses in the Company’s consolidated statement of operations and comprehensive loss.

Approximate future minimum lease payments for the Company’s ROU assets over the remaining lease period as of September 30, 2024 are as follows (in thousands):



Remainder of 2024	$	127
2025		521
2026		418
2027		227
Total minimum lease payments	$	1,293
Less: amount representing interest	$	(58	)
Total lease liability obligations	$	1,235

The Office Lease provides the Company with an option to extend the term of the Office Lease for a period of five years beyond the Term. If the option is exercised, the renewal term will be upon the same terms and conditions as the original Term, except that the base rent will be equal to the prevailing market rate as determined pursuant to the terms of the Office Lease. The option to extend the Term was not recognized as part of the Company’s lease liability and right-of-use assets.