Leases

12 Months Ended

Dec. 31, 2023

The Company has operating leases for real estate. The Company does not have any finance leases.

During the year ended December 31, 2023, the Company recorded $4,245 of additional right-of-use assets related to a new lease for additional office space which commenced in May 2023 at its Menlo Park, California location. The Company will make total lease payments of $4,701 over the 36 month term of the new lease, which expires in May 2026. In addition, during the year ended December 31, 2023, the Company terminated the Company’s Cambridge, U.K. laboratory and office space lease as a result of the Company re-prioritizing its investments and financial resources towards the development of ivonescimab. This resulted in disposing the carrying value of the right-of use asset of $788, removing the related lease liability of $809, and there were no penalties charged for early termination of this lease. The Company recorded $2,860 of right-of-use assets during the year ended December 31, 2022 related to its Menlo Park, California location.

The carrying value of the right-of-use assets as of December 31, 2023 and 2022 is $5,859 and $4,175, respectively.

The elements of lease expense were as follows:


Lease Cost:	Year Ended December 31, 2023		Year Ended December 31, 2022



Fixed lease costs	$	2,214	$	1,384
Variable lease costs	83		137
Short-term lease(1)	—		31
Total lease cost	$	2,297	$	1,552

(1) Short-term lease costs relate to the Company’s Cambridge, Massachusetts, United States office lease which the Company exited during fiscal year 2022.

The weighted average discount rate and the weighted average remaining lease term were 6.6% and 2.4 years, respectively, as of December 31, 2023. The weighted average discount rate and the weighted average remaining lease term were 5.7% and 3.4 years, respectively, as of December 31, 2022. The Company made cash payments related to lease liabilities of $2,208 and $1,092 for the years ending December 31, 2023 and 2022 respectively.

Future lease payments under non-cancelable leases as of December 31, 2023 are detailed as follows:


Year Ending December 31,
2024	$	2,810
2025	2,886
2026	893
2027	—

Total lease payments	6,589
Less: imputed interest	490
Total operating lease liabilities	$	6,099

Total operating lease liabilities balance sheet presentation:
Current lease liabilities	$	2,809
Non-current lease liabilities	3,290
	$	6,099

The Company signed a lease agreement on January 8, 2024 for executive office space for its new headquarters in Miami, Florida. The office space is approximately 9,000 square feet. The term of the lease is 64 months. Total payments for this office

space is approximately $5,100 over the term of the lease. The table above excludes payments related to the lease signed in January 2024.