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Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
Leases | 4. LEASES The following tables disclose the components of the Company’s operating leases (amounts in thousands):
|  | As of December 31,
|  | 2023 |  | 2022
Operating leases: |  |  |  |
Right-of-use asset, net |  | $ | 34,164 |  |  | $ | 30,859 |
Short-term lease liability (recorded in accrued expenses) |  | 3,004 |  |  | 2,747 |
Long-term lease liability |  | 29,244 |  |  | 27,635 |
Total operating lease liabilities |  | $ | 32,248 |  |  | $ | 30,382 |
Finance leases are not significant to the Company's financial statements as of December 31, 2023 and 2022. Lease Cost The components of lease cost are reflected in the table below (amounts in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Operating lease cost: |  |  |  |  |  |
Amortization of right-of-use assets, net |  | $ | 2,930 |  |  | $ | 1,782 |  |  | $ | 1,986 |
Interest on lease liabilities |  | 2,646 |  |  | 2,524 |  |  | 1,948 |
Short-term lease cost |  | 862 |  |  | 498 |  |  | 213 |
Total lease cost |  | $ | 6,438 |  |  | $ | 4,804 |  |  | $ | 4,147 |
Amortization and interest associated with finance leases were less than $0.1 million in total for the years ended December 31, 2023, 2022 and 2021; accordingly, these amounts are not shown in the table above. Weighted-Average Remaining Lease Term and Discount Rate The following table discloses the weighted-average remaining lease term and discount rate for finance and operating leases:
|  | As of December 31,
|  | 2023 |  | 2022
Weighted-average lease term |  |  |  |
Finance leases |  | 3.7 years |  | 4.6 years
Operating Leases |  | 9.8 years |  | 10.1 years
Weighted-average discount rate |  |  |  |
Finance leases |  | 10.2 | % |  | 10.2 | %
Operating leases |  | 8.6 | % |  | 8.5 | %
Supplemental Cash Flow Information The below table discloses supplemental cash flow information for operating leases (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 5,853 |  |  | $ | 5,299 |  |  | $ | 5,445 |
Operating and financing cash flows from finance leases were each less than $0.1 million for each of the years ended December 31, 2023, 2022 and 2021; accordingly, these cash flows are not shown in the table above. Maturity Analysis The following table reflects undiscounted cash flows on an annual basis for the Company’s lease liabilities as of December 31, 2023 (amounts in thousands):
|  | Operating Leases |  | Finance Leases
2024 |  | $ | 5,638 |  |  | $ | 23 |
2025 |  | 5,667 |  |  | 23 |
2026 |  | 5,714 |  |  | 23 |
2027 |  | 5,593 |  |  | 15 |
2028 |  | 5,577 |  |  | — |
Thereafter |  | 19,028 |  |  | — |
Total lease payments |  | $ | 47,217 |  |  | $ | 84 |
Imputed interest |  | (14,969) |  |  | (14) |
Discounted lease liability |  | $ | 32,248 |  |  | $ | 70 |
In connection with the License Agreement previously disclosed, the office lease agreement between XCOM Labs, Inc. and its lessor is expected to be assigned to the Company during 2024.
Leases | 4. LEASES The following tables disclose the components of the Company’s operating leases (amounts in thousands):
|  | As of December 31,
|  | 2023 |  | 2022
Operating leases: |  |  |  |
Right-of-use asset, net |  | $ | 34,164 |  |  | $ | 30,859 |
Short-term lease liability (recorded in accrued expenses) |  | 3,004 |  |  | 2,747 |
Long-term lease liability |  | 29,244 |  |  | 27,635 |
Total operating lease liabilities |  | $ | 32,248 |  |  | $ | 30,382 |
Finance leases are not significant to the Company's financial statements as of December 31, 2023 and 2022. Lease Cost The components of lease cost are reflected in the table below (amounts in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Operating lease cost: |  |  |  |  |  |
Amortization of right-of-use assets, net |  | $ | 2,930 |  |  | $ | 1,782 |  |  | $ | 1,986 |
Interest on lease liabilities |  | 2,646 |  |  | 2,524 |  |  | 1,948 |
Short-term lease cost |  | 862 |  |  | 498 |  |  | 213 |
Total lease cost |  | $ | 6,438 |  |  | $ | 4,804 |  |  | $ | 4,147 |
Amortization and interest associated with finance leases were less than $0.1 million in total for the years ended December 31, 2023, 2022 and 2021; accordingly, these amounts are not shown in the table above. Weighted-Average Remaining Lease Term and Discount Rate The following table discloses the weighted-average remaining lease term and discount rate for finance and operating leases:
|  | As of December 31,
|  | 2023 |  | 2022
Weighted-average lease term |  |  |  |
Finance leases |  | 3.7 years |  | 4.6 years
Operating Leases |  | 9.8 years |  | 10.1 years
Weighted-average discount rate |  |  |  |
Finance leases |  | 10.2 | % |  | 10.2 | %
Operating leases |  | 8.6 | % |  | 8.5 | %
Supplemental Cash Flow Information The below table discloses supplemental cash flow information for operating leases (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 5,853 |  |  | $ | 5,299 |  |  | $ | 5,445 |
Operating and financing cash flows from finance leases were each less than $0.1 million for each of the years ended December 31, 2023, 2022 and 2021; accordingly, these cash flows are not shown in the table above. Maturity Analysis The following table reflects undiscounted cash flows on an annual basis for the Company’s lease liabilities as of December 31, 2023 (amounts in thousands):
|  | Operating Leases |  | Finance Leases
2024 |  | $ | 5,638 |  |  | $ | 23 |
2025 |  | 5,667 |  |  | 23 |
2026 |  | 5,714 |  |  | 23 |
2027 |  | 5,593 |  |  | 15 |
2028 |  | 5,577 |  |  | — |
Thereafter |  | 19,028 |  |  | — |
Total lease payments |  | $ | 47,217 |  |  | $ | 84 |
Imputed interest |  | (14,969) |  |  | (14) |
Discounted lease liability |  | $ | 32,248 |  |  | $ | 70 |
In connection with the License Agreement previously disclosed, the office lease agreement between XCOM Labs, Inc. and its lessor is expected to be assigned to the Company during 2024.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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