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Lease Obligations
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Lease Obligations Lease Obligations
The Company leases certain assets under operating and finance leases, which consist of real estate leases, laboratory equipment leases and office equipment leases as of September 30, 2024. Renewal options for the Company’s real estate leases are three years in length and begin from 2025 through 2030.
Lease expense under operating and finance leases was as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Operating lease expense$569 $666 $1,741 $1,559 
Finance lease expense:
Amortization of right-of-use assets$455 $300 $1,278 $823 
Interest on lease liabilities81 48 231 123 
Total finance lease expense$536 $348 $1,509 $946 
Other supplemental information related to leases was as follows:
September 30, 2024December 31, 2023
Weighted average remaining lease term:
Operating leases9.2 years9.7 years
Finance leases2.6 years3.0 years
Weighted average discount rate:
Operating leases10.91 %10.88 %
Finance leases8.18 %7.46 %
The following table summarizes the presentation in the Condensed Consolidated Balance Sheets of the Company’s operating leases (in thousands):
Balance Sheet LocationSeptember 30, 2024December 31, 2023
Operating lease assets:
Operating lease assets, netOther Assets$8,337 $8,682 
Operating lease liabilities:
Current operating lease liabilitiesOperating lease liabilities – current liabilities$1,049 $1,058 
Non-current operating lease liabilitiesOperating lease liabilities – long-term liabilities8,065 8,390 
Total operating lease liabilities$9,114 $9,448 
The following table summarizes the presentation in the Condensed Consolidated Balance Sheets of the Company’s finance leases (in thousands):
Balance Sheet LocationSeptember 30, 2024December 31, 2023
Finance lease assets:
Finance lease assets, netOther Assets$3,873 $4,322 
Finance lease liabilities:
Current finance lease liabilitiesFinance lease liabilities – current liabilities$1,839 $1,590 
Non-current finance lease liabilitiesFinance lease liabilities – long-term liabilities2,077 2,845 
Total finance lease liabilities$3,916 $4,435 
Operating lease assets are recorded net of accumulated amortization of $5,781 and $4,794 as of September 30, 2024 and December 31, 2023, respectively. Finance lease assets are recorded net of accumulated amortization of $3,571 and $2,293 as of September 30, 2024 and December 31, 2023, respectively.
Maturities of lease liabilities as of September 30, 2024 are as follows (in thousands):
Operating LeasesFinance Leases
2024 (remaining)$412 $410 
20251,920 1,985 
20261,684 1,152 
20271,594 678 
20281,416 147 
Thereafter7,997 — 
Total lease payments15,023 4,372 
Less imputed interest(5,909)(456)
Total$9,114 $3,916 
Supplemental cash flow information related to leases was as follows (in thousands):
Nine Months Ended September 30,
20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases$231 $908 
Operating cash flows for operating leases$1,731 $1,376 
Financing cash flows for finance leases$1,348 $— 
Operating lease assets obtained in exchange for operating lease liabilities:$261 $4,462 
Finance lease assets obtained in exchange for finance lease liabilities:$828 $686 
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities:$365 $629