XML 30 R18.htm IDEA: XBRL DOCUMENT v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
The lease for the Company’s office and laboratory spaces in Vancouver, British Columbia, which we entered into in January 2019, has an initial term expiring in February 2032, with two five-year extension options. In addition, the Company leases office spaces in Bellevue, Washington and in Redwood City, California with lease terms expiring between June 2026 and August 2027. None of the optional extension periods have been included in the determination of the right-of-use assets or the lease liabilities for operating leases as the Company did not consider it reasonably certain that the Company would exercise any such options.
The Company also leases office equipment under capital lease agreements.
The balance sheet classification of the Company’s lease liabilities was as follows:
March 31,
2025		December 31,
2024
Operating lease liabilities:
Current portion
$3,258 $2,740 
Long-term portion
15,174 15,738 
Total operating lease liabilities
18,432 $18,478 
Finance lease liabilities:
Current portion included in other current liabilities5 28 
Long-term portion included in other long-term liabilities28 28 
Total finance lease liabilities
33 56 
Total lease liabilities
$18,465 $18,534 
Weighted average remaining lease term:
Operating leases
6.1 years6.4 years
Weighted average discount rate:
Operating leases in U.S. dollars
5.4 %5.4 %
Operating leases in Canadian dollars
4.8 %4.8 %
Cash paid for amounts included in the measurement of operating lease liabilities for fixed payments for the three months ended March 31, 2025 and 2024 was $1,048 and $1,341, respectively, and were included in net cash used in operating activities in the consolidated statement of cash flows.
As of March 31, 2025, the maturities of the Company’s operating lease liabilities were as follows:
Operating
leases
Within 1 year$4,042 
1 to 2 years3,659 
2 to 3 years3,202 
3 to 4 years2,960 
4 to 5 years2,582 
Thereafter4,733 
Total operating lease payments21,178 
Less:
Imputed interest(2,746)
Operating lease liabilities$18,432 
The cost components of the operating leases were as follows for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31,
20252024
Lease expenses:
Operating lease expense$776 $422 
Variable lease expense
616 418 
$1,392 $840 
Leases Leases
The lease for the Company’s office and laboratory spaces in Vancouver, British Columbia, which we entered into in January 2019, has an initial term expiring in February 2032, with two five-year extension options. In addition, the Company leases office spaces in Bellevue, Washington and in Redwood City, California with lease terms expiring between June 2026 and August 2027. None of the optional extension periods have been included in the determination of the right-of-use assets or the lease liabilities for operating leases as the Company did not consider it reasonably certain that the Company would exercise any such options.
The Company also leases office equipment under capital lease agreements.
The balance sheet classification of the Company’s lease liabilities was as follows:
March 31,
2025		December 31,
2024
Operating lease liabilities:
Current portion
$3,258 $2,740 
Long-term portion
15,174 15,738 
Total operating lease liabilities
18,432 $18,478 
Finance lease liabilities:
Current portion included in other current liabilities5 28 
Long-term portion included in other long-term liabilities28 28 
Total finance lease liabilities
33 56 
Total lease liabilities
$18,465 $18,534 
Weighted average remaining lease term:
Operating leases
6.1 years6.4 years
Weighted average discount rate:
Operating leases in U.S. dollars
5.4 %5.4 %
Operating leases in Canadian dollars
4.8 %4.8 %
Cash paid for amounts included in the measurement of operating lease liabilities for fixed payments for the three months ended March 31, 2025 and 2024 was $1,048 and $1,341, respectively, and were included in net cash used in operating activities in the consolidated statement of cash flows.
As of March 31, 2025, the maturities of the Company’s operating lease liabilities were as follows:
Operating
leases
Within 1 year$4,042 
1 to 2 years3,659 
2 to 3 years3,202 
3 to 4 years2,960 
4 to 5 years2,582 
Thereafter4,733 
Total operating lease payments21,178 
Less:
Imputed interest(2,746)
Operating lease liabilities$18,432 
The cost components of the operating leases were as follows for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31,
20252024
Lease expenses:
Operating lease expense$776 $422 
Variable lease expense
616 418 
$1,392 $840