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Lease Obligations
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lease, Obligations Lease Obligations
The Company leases certain assets under operating leases, which primarily consist of real estate leases, and finance leases, which generally consist of laboratory equipment leases and office equipment leases, as of December 31, 2024. Renewal options for the Company’s real estate leases are three years in length and begin from 2025 through 2030.
Lease expense under operating and finance leases was as follows (in thousands):
Years Ended December 31,
202420232022
Operating lease expense$2,301 $2,018 $1,578 
Finance lease expense:
Amortization of right-of-use assets1,766 1,212 816 
Interest on lease liabilities316 201 138 
Total finance lease expense$2,082 $1,413 $954 
Other supplemental information related to leases was as follows:
As of December 31,
20242023
Weighted average remaining lease term:
Operating leases9.0 years9.7 years
Finance leases2.6 years3.0 years
Weighted average discount rate:
Operating leases10.91 %10.88 %
Finance leases8.66 %7.46 %
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 Location20242023
Operating lease assets:
Operating lease assets, netRight of use assets$8,061 $8,682 
Operating lease liabilities:
Current operating lease liabilitiesOperating lease liabilities – current liabilities$937 $1,058 
Non-current operating lease liabilitiesOperating lease liabilities – long-term liabilities7,924 8,390 
Total operating lease liabilities$8,861 $9,448 
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 Location20242023
Finance lease assets:
Finance lease assets, netRight of use assets$3,947 $4,322 
Finance lease liabilities:
Current finance lease liabilitiesFinance lease liabilities – current liabilities$1,835 $1,590 
Non-current finance lease liabilitiesFinance lease liabilities – long-term liabilities2,124 2,845 
Total finance lease liabilities$3,959 $4,435 
Operating lease assets are recorded net of accumulated amortization of $6,065 and $4,794 as of December 31, 2024 and 2023, respectively. Finance lease assets are recorded net of accumulated amortization of $4,059 and $2,293 as of December 31, 2024 and 2023, respectively.
Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):
Operating LeasesFinance Leases
2025$1,857 $2,106 
20261,742 1,279 
20271,650 809 
20281,383 257 
2029996 — 
Thereafter6,922 — 
Total lease payments14,550 4,451 
Less imputed interest(5,689)(492)
Total$8,861 $3,959 
Supplemental cash flow information related to leases was as follows (in thousands):
Years Ended December 31,
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases$316 $201 $898 
Operating cash flows for operating leases$2,156 $1,920 $1,555 
Financing cash flows for finance leases$1,704 $1,165 $— 
Operating lease assets obtained in exchange for operating lease liabilities:$438 $4,695 $755 
Finance lease assets obtained in exchange for finance lease liabilities:$1,391 $2,971 $1,302 
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities:$254 $924 $— 
Lease, Obligations Lease Obligations
The Company leases certain assets under operating leases, which primarily consist of real estate leases, and finance leases, which generally consist of laboratory equipment leases and office equipment leases, as of December 31, 2024. Renewal options for the Company’s real estate leases are three years in length and begin from 2025 through 2030.
Lease expense under operating and finance leases was as follows (in thousands):
Years Ended December 31,
202420232022
Operating lease expense$2,301 $2,018 $1,578 
Finance lease expense:
Amortization of right-of-use assets1,766 1,212 816 
Interest on lease liabilities316 201 138 
Total finance lease expense$2,082 $1,413 $954 
Other supplemental information related to leases was as follows:
As of December 31,
20242023
Weighted average remaining lease term:
Operating leases9.0 years9.7 years
Finance leases2.6 years3.0 years
Weighted average discount rate:
Operating leases10.91 %10.88 %
Finance leases8.66 %7.46 %
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 Location20242023
Operating lease assets:
Operating lease assets, netRight of use assets$8,061 $8,682 
Operating lease liabilities:
Current operating lease liabilitiesOperating lease liabilities – current liabilities$937 $1,058 
Non-current operating lease liabilitiesOperating lease liabilities – long-term liabilities7,924 8,390 
Total operating lease liabilities$8,861 $9,448 
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 Location20242023
Finance lease assets:
Finance lease assets, netRight of use assets$3,947 $4,322 
Finance lease liabilities:
Current finance lease liabilitiesFinance lease liabilities – current liabilities$1,835 $1,590 
Non-current finance lease liabilitiesFinance lease liabilities – long-term liabilities2,124 2,845 
Total finance lease liabilities$3,959 $4,435 
Operating lease assets are recorded net of accumulated amortization of $6,065 and $4,794 as of December 31, 2024 and 2023, respectively. Finance lease assets are recorded net of accumulated amortization of $4,059 and $2,293 as of December 31, 2024 and 2023, respectively.
Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):
Operating LeasesFinance Leases
2025$1,857 $2,106 
20261,742 1,279 
20271,650 809 
20281,383 257 
2029996 — 
Thereafter6,922 — 
Total lease payments14,550 4,451 
Less imputed interest(5,689)(492)
Total$8,861 $3,959 
Supplemental cash flow information related to leases was as follows (in thousands):
Years Ended December 31,
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases$316 $201 $898 
Operating cash flows for operating leases$2,156 $1,920 $1,555 
Financing cash flows for finance leases$1,704 $1,165 $— 
Operating lease assets obtained in exchange for operating lease liabilities:$438 $4,695 $755 
Finance lease assets obtained in exchange for finance lease liabilities:$1,391 $2,971 $1,302 
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities:$254 $924 $—