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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.

X

- References

No definition available.

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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

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X

- 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

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