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Note 8 - Lease Obligations

3 Months Ended

Mar. 31, 2022

Note 8 — Lease Obligations

The Company leases certain assets under operating leases, which primarily consisted of real estate leases, laboratory equipment leases and office equipment leases as of March 31, 2022. Renewal options for our leases range from 1 to 5 years in length and begin from 2023 through 2026. The weighted average lease term for the Company’s operating leases was 8.0 years. The weighted average discount rate for the Company’s operating leases was 10.36%.

Aggregate lease expense under operating leases was $594 and $452 for the three months ended March 31, 2022 and 2021, respectively.

All of the Company’s leases qualify as operating leases. The following table summarizes the presentation in the consolidated balance sheets of the Company’s operating leases:

	Balance Sheet Location	As of March 31, 2022		As of December 31, 2021
Assets:
Operating lease assets, net	Other Assets	$	7,207	$	6,472
Liabilities:
Current operating lease liabilities	Lease financing obligation – current liabilities	$	2,081	$	1,819
Non-current operating lease liabilities	Lease financing obligation – long-term liabilities		6,457		5,962
Total operating lease liabilities		$	8,538	$	7,781

Operating lease assets are recorded net of accumulated amortization of $3,019 and $2,626 as of March 31, 2022 and December 31, 2021, respectively. Cash paid for amounts included in the measurement of lease liabilities was $574 and $440 for the three months ended March 31, 2022 and 2021, respectively.

Maturities of operating lease liabilities as of March 31, 2022, are as follows (in thousands):

2022 (remaining)	$	1,820
2023		2,190
2024		1,641
2025		1,348
2026		617
Thereafter		6,734
Total lease payments		14,350
Less imputed interest		(5,812	)
Total	$	8,538