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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | 7. Le ases In connection with the Merger, the Company assumed three leases for office and laboratory space, with lease terms of three to five years. One of the assumed leases expired on June 30, 2024 and has not been renewed. The remaining leases require monthly lease payments that may be subject to annual increases throughout the lease term. The remaining leases also include renewal options at the Company's election to renew or extend the leases for additional periods ranging from three to ten years. Lease Costs Lease costs for operating leases are recognized on a straight-line basis over the lease term. The total lease cost for the period, including the Company's historical leases and those assumed in connection with the Merger, was as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 2,386 |  |  | $ | 1,994 |  |  | $ | 7,484 |  |  | $ | 6,005 |
Short-term lease cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Variable lease cost |  |  | 1,188 |  |  |  | 830 |  |  |  | 3,781 |  |  |  | 2,417 |
Less: Sublease income |  |  | (1,076 | ) |  |  | (529 | ) |  |  | (3,228 | ) |  |  | (1,978 | )
Total lease cost |  | $ | 2,498 |  |  | $ | 2,295 |  |  | $ | 8,037 |  |  | $ | 6,444 |
Lease Maturities The table below reconciles the undiscounted lease payment maturities to the lease liabilities for the Company's operating leases:
|  | September 30, 2024 |
Remainder of 2024 |  | $ | 2,419 |
2025 |  |  | 9,789 |
2026 |  |  | 8,800 |
2027 |  |  | 7,428 |
2028 |  |  | 7,362 |
Thereafter |  |  | 10,225 |
Total |  |  | 46,023 |
Less: amount of lease payments representing interest |  |  | (11,761 | )
Present value of future minimum lease payments |  |  | 34,262 |
Less: current operating lease liabilities |  |  | (6,122 | )
Long-term operating lease liabilities |  | $ | 28,140 |
Supplemental Lease Information Supplemental information related to the Company's operating leases was as follows:
|  | September 30, 2024 |
Weighted average remaining lease term |  |  | 5.1 |
Weighted average discount rate |  |  | 11.9 | %

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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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