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Note 11 - Leases | 6 Months Ended
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Jun. 30, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | Note 11 – Leases Operating Leases The Company had the following office and laboratory facility leases as of June 30, 2023:
| • | In April 2016, UPL signed an addendum to its November 2014 lease agreement for the Company’s offices located in Israel, in order to increase the office space rented and to extend the rent period for an additional three years until August 2022. In July 2022, the Company signed a lease extension agreement for the Company’s offices located in Israel, extending the term of the lease through September 2025. The Company's remaining contractual obligation under this lease is approximately $0.6 million as of June 30, 2023.
| • | In April 2018, UPI entered into a new lease agreement for an office in Los Angeles, California. The lease commencement date was July 10, 2018 and terminates in March 2024. The landlord provided a tenant allowance for leasehold improvements of $0.2 million that was accounted for as a lease incentive. The Company’s remaining contractual obligation under this lease is approximately $0.2 million as of June 30, 2023. In November 2019, UPI entered into a sublease for this office space, with a lease commencement date of January 1, 2020 and continuing until the end of the lease term in March 2024. The subtenants exercised their early access clause and moved into the premises at the end of November 2019. The remaining rental payments to be received over the lease term is approximately $0.2 million as of June 30, 2023. The Company accounts for the sublease as an operating lease in accordance with ASC 842.
| • | In November 2019, UPI entered into a new lease agreement for an office in Princeton, New Jersey, which the Company now uses as its headquarters. The lease commencement date was November 29, 2019 with an original lease term of 38 months, expiring January 31, 2023. In June 2022, the Company signed a lease extension for the Princeton office, extending the term of the lease through January 31, 2026. The Company’s remaining contractual obligation under this lease is approximately $1.5 million as of June 30, 2023.
In addition, the Company has other operating office equipment and vehicle leases. The Company’s operating leases may require minimum rent payments, contingent rent payments adjusted periodically for inflation, or rent payments equal to the greater of a minimum rent or contingent rent. The Company’s leases do not contain any residual value guarantees or material restrictive covenants. The Company’s leases expire at various dates from 2023 through 2026, with varying renewal and termination options. The components of lease cost for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating lease cost |  | $ | 257 |  |  | $ | 257 |  |  | $ | 485 |  |  | $ | 516 |
Sublease income |  |  | (56 | ) |  |  | (56 | ) |  |  | (112 | ) |  |  | (112 | )
Variable lease cost |  |  | 19 |  |  |  | 19 |  |  |  | 38 |  |  |  | 36 |
|  | $ | 220 |  |  | $ | 220 |  |  | $ | 411 |  |  | $ | 440 |
The amounts recognized as of June 30, 2023 and December 31, 2022 were as follows (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Right-of-use assets |  | $ | 2,107 |  |  | $ | 2,452 |
Long-term lease liabilities |  |  | 1,209 |  |  |  | 1,586 |
Other current liabilities |  |  | 910 |  |  |  | 941 |
As of June 30, 2023, no impairment losses have been recognized. Supplemental information related to leases for the six months ended June 30, 2023 and 2022 is as follows (in thousands, except for lease terms and discount rate amounts):
|  | Six Months Ended |
|  | June 30, |
|  | 2023 |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  | 587 |  |  |  | 590 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 95 |  |  |  | 1,419 |
Weighted-average remaining lease term of operating leases (in years) |  |  | 2.23 |  |  |  | 3.01 |
Weighted-average discount rate of operating leases |  |  | 10.16 | % |  |  | 9.93 | %
As of June 30, 2023, maturities of lease liabilities were as follows (in thousands):
|  | Operating |
|  | Leases |
Years ending December 31, |  |  |  |
Remainder of 2023 |  | $ | 581 |
2024 |  |  | 923 |
2025 |  |  | 811 |
2026 |  |  | 52 |
2027 and thereafter |  |  | — |
Total future minimum lease payments |  | $ | 2,367 |
Less: Interest |  |  | (248 | )
Present value of lease liabilities |  | $ | 2,119 |
Subleases As of June 30, 2023, undiscounted cash flows to be received under the Company’s operating sublease on an annual basis were as follows (in thousands):
|  | Operating Leases |
Years ending December 31, |  |  |  |
Remainder of 2023 |  | $ | 126 |
2024 |  |  | 49 |
2025 and thereafter |  |  | — |
|  | $ | 175 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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