Lease Obligations

6 Months Ended

Jun. 30, 2023

The Company leases certain assets, predominantly under operating leases, which consist of real estate leases, laboratory equipment leases and office equipment leases as of June 30, 2023. Renewal options for the Company’s leases range from 1 to 5 years in length and begin from 2024 through 2027.

Aggregate lease expense was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Aggregate lease expense	$	764	$	626	$	1,491	$	1,220

Other supplemental information related to leases was as follows:

As of June 30, 2023

As of December 31, 2022

Weighted average remaining lease term

7.2 years

8.1 years

Weighted average discount rate

10.3%

11.0%

The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s leases:


	Balance Sheet Location	As of June 30, 2023		As of December 31, 2022
Assets:
Lease assets, net	Other Assets	$	6,946	$	6,806
Liabilities:
Current lease liabilities	Lease financing obligation – current liabilities	$	2,530	$	2,369
Non-current lease liabilities	Lease financing obligation – long-term liabilities	5,803		5,804
Total lease liabilities		$	8,333	$	8,173

Lease assets are recorded net of accumulated amortization of $5,451 and $4,349 as of June 30, 2023 and December 31, 2022, respectively.

Cash paid for amounts included in the measurement of lease liabilities was $746 and $1,451 for the three and six months ended June 30, 2023, respectively. This compares to cash paid for amounts included in the measurement of lease liabilities of $607 and $1,181 for the three and six months ended June 30, 2022, respectively.

Maturities of lease liabilities as of June 30, 2023, are as follows (in thousands):


2023 (remaining)	$	1,517
2024	2,345
2025	1,853
2026	892
2027	621
Thereafter	6,155
Total lease payments	13,383
Less imputed interest	(5,050)
Total	$	8,333