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Note Q - Leases

12 Months Ended

Dec. 31, 2024

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