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Note Q - Leases | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Lease Disclosure [Text Block] |
Q. | Leases
The Company has operating and finance leases for office space, laboratory facilities and various laboratory equipment, furniture and office equipment and leasehold improvements. The Company determines if an arrangement is a lease at contract inception. Lease assets and lease liabilities are recognized based on the present value of lease payments over the lease term at the commencement date. The Company does not separate lease and non-lease components. Leases with a term of 12 months or less at commencement are not recorded on the consolidated balance sheets. Lease expense for these arrangements is recognized on a straight-line bases over the lease term. The Company’s leases have remaining lease terms of less than 1 year to approximately 4 years, some of which include options to extend the leases for up to 5 years, and some which include options to terminate the leases within 1 year. Effective June 1, 2021, the Company agreed to sublease office space in Florida, comprised of one of the two contiguous suites, under a non-cancelable operating lease, which expires in February 2026. The components of lease expense were as follows (in thousands):
|  | Year Ended December 31, |
Lease Cost |  | 2024 |  |  | 2023 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 44 |  |  | $ | 102 |
Interest on lease liabilities |  |  | - |  |  |  | - |
Total finance lease cost |  |  | 44 |  |  |  | 102 |
Operating lease cost |  |  | 330 |  |  |  | 437 |
Short-term lease cost |  |  | 177 |  |  |  | 171 |
Variable lease cost |  |  | 39 |  |  |  | 40 |
Less: sublease income |  |  | (128 | ) |  |  | (157 | )
Total lease costs |  | $ | 462 |  |  | $ | 593 |
Supplemental cash flow information related to leases was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Financing cash flows from finance leases |  |  | - |  |  |  | 5 |
Operating cash flows from operating leases |  |  | 405 |  |  |  | 552 |
Operating cash flows from short-term leases |  |  | 225 |  |  |  | 171 |
Operating cash flows from variable lease costs |  |  | 39 |  |  |  | 40 |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |  |
Finance leases |  | $ | - |  |  | $ | - |
Operating leases |  |  | 419 |  |  |  | - |
Supplemental balance sheet information related to leases was as follows (in thousands, except weighted average remaining lease term and weighted average discount rate):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Finance Leases |  |  |  |  |  |  |  |
Property and equipment, at cost |  | $ | 1,031 |  |  | $ | 1,031 |
less: accumulated depreciation and amortization |  |  | (1,023 | ) |  |  | (882 | )
Property and equipment, net |  | $ | 8 |  |  | $ | 149 |
Operating Leases |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 657 |  |  | $ | 790 |
Total operating lease right-of-use assets |  | $ | 657 |  |  | $ | 790 |
Current portion of operating lease liabilities |  | $ | 420 |  |  | $ | 543 |
Operating lease liabilities, less current portion |  |  | 372 |  |  |  | 456 |
Total operating lease liabilities |  | $ | 792 |  |  | $ | 999 |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |
Operating leases (in years) |  |  | 3 |  |  |  | 2 |
Weighted Average Discount Rate |  |  |  |  |  |  |  |
Finance leases |  |  | - |  |  |  | 14.3 | %
Operating leases |  |  | 9.9 | % |  |  | 7.6 | %
Maturities on lease liabilities were as follows (in thousands):
|  | Operating |
Year Ending December 31, |  | Leases |
2025 |  | $ | 481 |
2026 |  |  | 138 |
2027 |  |  | 127 |
2028 |  |  | 150 |
2029 |  |  | 38 |
Thereafter |  |  | 10 |
Total lease payments |  |  | 944 |
Less: future interest expense |  |  | (152 | )
Lease liabilities |  | $ | 792 |

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