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Note 7 - Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

7. Commitments and Contingencies

 

Operating Leases

 

The Company leases office and laboratory facilities for its principal operations in Hayward, California, and office facilities for its corporate headquarters in Miami, Florida. These lease arrangements are both classified as operating leases. 

 

Supplemental balance sheet information related to leases (in thousands):

 

  

September 30,

  

December 31,

 

Assets:

 

2025

  

2024

 

Right-of-use assets

 $6,316  $7,163 

 

  

September 30,

  

December 31,

 

Liabilities:

 

2025

  

2024

 

Current operating lease liabilities

 $1,519  $1,355 

Non-current operating lease liabilities

  6,371   7,543 

Total lease liabilities

 $7,890  $8,898 

 

Total cash paid for operating lease liabilities (in thousands):

 

  

Nine Months Ended

September 30,

 
  

2025

  

2024

 

Cash paid for operating lease liabilities

 $1,617  $1,425 

 

Maturities of operating lease liabilities were as follows (in thousands):

 

Year ending December 31:

    

2025 (remaining 3 months)

 $533 

2026

  2,225 

2027

  2,302 

2028

  2,381 

2029

  2,080 

Thereafter

  73 

Total lease payments

  9,594 

Less imputed interest

  (1,704)

Total lease liabilities

 $7,890 

 

Weighted-average remaining lease term and discount rate, as of September 30, 2025, were as follows:

 

Weighted-average remaining lease term

  4.13 

Weighted-average discount rate

  9.8%

 

Rent expense, including common area maintenance charges, was approximately $0.6 million for each of the three-months ended September 30, 2025 and 2024, and approximately $1.9 million and $1.8 million for the nine-months ended September 30, 2025 and 2024, respectively.

 

Legal Proceedings

 

From time to time, we  may be involved in various legal proceedings arising in the ordinary course of business. We are not presently a party to any legal proceedings that, in the opinion of management, could have a material adverse effect on our results of operations or financial condition. Regardless of outcome, however, any litigation could have an adverse impact on us because of defense and settlement costs, diversion of management resources, negative publicity, reputational harm, and other factors.