The Company’s leases relate primarily to office and laboratory facilities located in La Jolla, California and previously in South San Francisco, California. The Company’s lease of office space in South San Francisco expired in February 2023 and the Company did not renew that lease. The Company’s lease of laboratory space in La Jolla expires in February 2025, and the Company's leases of office space in La Jolla expire in 2027. The terms of the Company’s non-cancelable operating lease arrangements typically contain fixed lease payments which increase over the term of the lease at fixed rates, and include rent holidays and provide for additional renewal

periods. Lease expense is recognized over the term of the lease on a straight-line basis. All of the Company’s leases are classified as operating leases. The Company has determined that periods covered by options to extend the Company’s leases are excluded from the lease term as the Company is not reasonably certain the Company will exercise such options. Operating lease expense, including expenses related to short-term leases, was $0.1 million and $0.3 million for the three and six months ended June 30, 2024, respectively, and $0.1 million and $0.3 million for the three and six months ended June 30, 2023, respectively.

The Company records its right-of-use (ROU) assets within other assets (long term) and its operating lease liabilities within other current and long-term liabilities.

Additional information related to the Company’s leases as of and for the six months ended June 30, 2024, is as follows (in thousands, except lease term and discount rate):


	June 30, 2024
Balance sheet information
Right-of-use assets	$	592
Lease liabilities, current	$	350
Lease liabilities, non-current		259
Total lease liabilities	$	609
Other information
Weighted average remaining lease term	1.96
Weighted average discount rate		8.25	%
Supplemental cash flow information
Operating cash flows from operating leases	$	245
Right-of-use assets obtained in exchange for lease obligations	$	—

Maturities of lease liabilities as of June 30, 2024 were as follows (in thousands):


Year ending December 31,
2024 (remaining six months)	$	247
2025		219
2026		169
2027		28
Total undiscounted lease payments		663
Less: imputed interest		(54	)
Total lease liabilities	$	609

As of June 30, 2024, the Company does not have any leases that have not yet commenced that create significant rights and obligations.