Lease Obligations

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease, Obligations

Lease Obligations

The Company leases certain assets under operating and finance leases, which consist of real estate leases, laboratory equipment leases and office equipment leases as of December 31, 2023. Renewal options for the Company’s leases range from 1 to 3 years in length and begin from 2024 through 2030.

Lease expense under operating and finance leases was as follows (in thousands):

	Years Ended December 31,
	2023		2022		2021
Operating lease expense	$	2,018	$	1,578	$	1,660
Finance lease expense:
Amortization of right-of-use assets	$	1,212	$	816	113
Interest on lease liabilities	$	201	$	138	22
Total finance lease expense	$	1,413	$	954	$	135

Other supplemental information related to leases was as follows:

	As of December 31,
	2023		2022
Weighted average remaining lease term:
Operating leases	9.7 years		10.6 years
Finance leases	3.0 years		3.0 years
Weighted average discount rate:
Operating leases	10.88	%	12.54	%
Finance leases	7.46	%	5.00	%

The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s operating leases (in thousands):

		As of December 31,
	Balance Sheet Location	2023		2022
Operating lease assets:
Operating lease assets, net	Other Assets	$	8,682	$	4,242
Operating lease liabilities:
Current operating lease liabilities	Operating lease liabilities – current liabilities	$	1,058	$	1,516
Non-current operating lease liabilities	Operating lease liabilities – long-term liabilities	8,390		4,027
Total operating lease liabilities		$	9,448	$	5,543

The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s finance leases (in thousands):

		As of December 31,
	Balance Sheet Location	2023		2022
Finance lease assets:
Finance lease assets, net	Other Assets	$	4,322	$	2,564
Finance lease liabilities:
Current finance lease liabilities	Finance lease liabilities – current liabilities	$	1,590	$	853
Non-current finance lease liabilities	Finance lease liabilities – long-term liabilities	2,845		1,777
Total finance lease liabilities		$	4,435	$	2,630

Operating lease assets are recorded net of accumulated amortization of $4,794 and $3,268 as of December 31, 2023 and 2022, respectively. Finance lease assets are recorded net of accumulated amortization of $2,293 and $1,081 as of December 31, 2023 and 2022, respectively.

Maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):

	Operating Leases		Finance Leases
2024	$	2,014	$	1,857
2025	1,701		1,732
2026	1,509		899
2027	1,463		437
2028	1,312		27
Thereafter	7,952		—
Total lease payments	15,951		4,952
Less imputed interest	(6,503)		(517)
Total	$	9,448	$	4,435

Supplemental cash flow information related to leases was as follows (in thousands):

	Years Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	201	$	898	$	125
Operating cash flows for operating leases	$	1,920	$	1,555	$	1,490
Financing cash flows for finance leases	$	1,165	$	—	$	—
Operating lease assets obtained in exchange for operating lease liabilities:	$	4,695	$	755	$	1,536
Finance lease assets obtained in exchange for finance lease liabilities:	$	2,971	$	1,302	$	2,190
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities:	$	924	$	—	$	—

Lessee, Finance Leases

Lease Obligations

The Company leases certain assets under operating and finance leases, which consist of real estate leases, laboratory equipment leases and office equipment leases as of December 31, 2023. Renewal options for the Company’s leases range from 1 to 3 years in length and begin from 2024 through 2030.

Lease expense under operating and finance leases was as follows (in thousands):

	Years Ended December 31,
	2023		2022		2021
Operating lease expense	$	2,018	$	1,578	$	1,660
Finance lease expense:
Amortization of right-of-use assets	$	1,212	$	816	113
Interest on lease liabilities	$	201	$	138	22
Total finance lease expense	$	1,413	$	954	$	135

Other supplemental information related to leases was as follows:

	As of December 31,
	2023		2022
Weighted average remaining lease term:
Operating leases	9.7 years		10.6 years
Finance leases	3.0 years		3.0 years
Weighted average discount rate:
Operating leases	10.88	%	12.54	%
Finance leases	7.46	%	5.00	%

The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s operating leases (in thousands):

		As of December 31,
	Balance Sheet Location	2023		2022
Operating lease assets:
Operating lease assets, net	Other Assets	$	8,682	$	4,242
Operating lease liabilities:
Current operating lease liabilities	Operating lease liabilities – current liabilities	$	1,058	$	1,516
Non-current operating lease liabilities	Operating lease liabilities – long-term liabilities	8,390		4,027
Total operating lease liabilities		$	9,448	$	5,543

The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s finance leases (in thousands):

		As of December 31,
	Balance Sheet Location	2023		2022
Finance lease assets:
Finance lease assets, net	Other Assets	$	4,322	$	2,564
Finance lease liabilities:
Current finance lease liabilities	Finance lease liabilities – current liabilities	$	1,590	$	853
Non-current finance lease liabilities	Finance lease liabilities – long-term liabilities	2,845		1,777
Total finance lease liabilities		$	4,435	$	2,630

Operating lease assets are recorded net of accumulated amortization of $4,794 and $3,268 as of December 31, 2023 and 2022, respectively. Finance lease assets are recorded net of accumulated amortization of $2,293 and $1,081 as of December 31, 2023 and 2022, respectively.

Maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):

	Operating Leases		Finance Leases
2024	$	2,014	$	1,857
2025	1,701		1,732
2026	1,509		899
2027	1,463		437
2028	1,312		27
Thereafter	7,952		—
Total lease payments	15,951		4,952
Less imputed interest	(6,503)		(517)
Total	$	9,448	$	4,435

Supplemental cash flow information related to leases was as follows (in thousands):

	Years Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	201	$	898	$	125
Operating cash flows for operating leases	$	1,920	$	1,555	$	1,490
Financing cash flows for finance leases	$	1,165	$	—	$	—
Operating lease assets obtained in exchange for operating lease liabilities:	$	4,695	$	755	$	1,536
Finance lease assets obtained in exchange for finance lease liabilities:	$	2,971	$	1,302	$	2,190
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities:	$	924	$	—	$	—