Right of use of assets

12 Months Ended

Dec. 31, 2024

New York, USA

In September 2023, the Company entered into a lease agreement for office space located in New York, NY, that was undergoing construction to get the space ready for use. The required improvements were subsequently completed in October 2023 and the space was made available for use, resulting in the lease commencing on October 9, 2023. The stated lease term is three years. Lease payments will be made on a monthly basis and increase approximately 3.5% each year over the lease term. The total commitment for lease payments over the stated term is $0.7 million. The lease agreement has a noncancellable lease term of 2 years due to a one-time termination option, which becomes effective following the two-year anniversary of the commencement date. If exercised, the Company would pay the landlord a termination fee equal to three months of the lease payments in effect at the time of termination.

Soho, London, UK

In April 2023, the Company entered into a two-year operating lease with Fora Space Limited commencing on September 1, 2023. The noncancellable term is 24 months and there is no option to extend the lease. The recurring residency fee per month is £130,000, and the Company paid a refundable deposit of £156,000 at the execution of the agreement.

Denmark Hill, London, UK

In March 2022, the Company entered into an agreement for a lease with South London and Maudsley NHS Foundation Trust for land and buildings at 5 Windsor Walk, Maudsley Hospital, Denmark Hill, London, UK. The lease commenced on June 21, 2022 and has a contractual term of five years. The rent is £180,000 per year, with no deposit payable.

The following table summarizes our costs included in our consolidated statements of operations and comprehensive loss related to right of use lease assets we have entered for the years ended December 31, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2024		2023
Lease cost
Operating lease cost	$	2,570	$	2,331
Short-term lease cost	—		279
	$	2,570	$	2,610
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	2,533	$	2,264
Right-of-use assets obtained in exchange for new operating lease liabilities	$	17	$	4,184
Weighted average remaining lease term (in years)	1.14		1.96
Weighted average discount rate	8.50%		8.49%

The following table summarizes the future minimum lease payments due under operating leases as of December 31, 2024, (in thousands):


December 31, 2025	1,800
December 31, 2026	226
December 31, 2027	94
Total future minimum lease payments	$	2,120
Less: imputed interest	92
Total	$	2,028