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Leases (Tables) | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Schedule of components of lease expense and supplemental cash flow information | The components of lease expense and supplemental cash flow information are as follows (in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease expense | $ | 890 |  |  | $ | 217 |  |  | $ | 2,625 |  |  | $ | 880 |
Finance lease expense: |  |  |  |  |  |  |
Amortization of assets | 3 |  |  | 4 |  |  | 11 |  |  | 11 |
Interest on lease liabilities | 1 |  |  | 1 |  |  | 3 |  |  | 5 |
Total finance lease expense | 4 |  |  | 5 |  |  | 14 |  |  | 16 |
Short-term lease expense | 138 |  |  | 76 |  |  | 160 |  |  | 341 |
Total lease expense | $ | 1,032 |  |  | $ | 298 |  |  | $ | 2,799 |  |  | $ | 1,237 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 1,331 |  |  | $ | 461 |  |  | $ | 4,246 |  |  | $ | 1,186 |
Operating cash flows from finance leases | 7 |  |  | 10 |  |  | 24 |  |  | 32 |
Financing cash flows from finance leases | 1 |  |  | 1 |  |  | 3 |  |  | 5 |
Schedule of maturities of operating leases liabilities | Maturities of lease liabilities as of September 30, 2023 are as follows (in thousands):
Years ending December 31, |  | Operating Leases |  | Finance Leases
2023 (excluding the nine months ended September 30, 2023) | $ | 985 |  |  | $ | 10 |
2024 |  | 2,909 |  |  | 22 |
2025 |  | 1,696 |  |  | — |
2026 |  | 1,732 |  |  | — |
2027 |  | 1,660 |  |  | — |
Thereafter |  | 4,334 |  |  | — |
Total lease payments |  | $ | 13,316 |  |  | $ | 32 |
Less: Interest |  | (3,032) |  |  | (1) |
Present value of lease liabilities |  | $ | 10,284 |  |  | $ | 31 |
Schedule of maturities of finance leases liabilities | Maturities of lease liabilities as of September 30, 2023 are as follows (in thousands):
Years ending December 31, |  | Operating Leases |  | Finance Leases
2023 (excluding the nine months ended September 30, 2023) | $ | 985 |  |  | $ | 10 |
2024 |  | 2,909 |  |  | 22 |
2025 |  | 1,696 |  |  | — |
2026 |  | 1,732 |  |  | — |
2027 |  | 1,660 |  |  | — |
Thereafter |  | 4,334 |  |  | — |
Total lease payments |  | $ | 13,316 |  |  | $ | 32 |
Less: Interest |  | (3,032) |  |  | (1) |
Present value of lease liabilities |  | $ | 10,284 |  |  | $ | 31 |
Schedule of supplemental balance sheet information | Supplemental balance sheet information related to leases is as follows (in thousands):
| September 30, 2023 |  | December 31, 2022 |  |
Operating Leases |  |  |  |  |
Operating lease right-of-use assets | $ | 5,131 |  |  | $ | 5,900 |  |  |
Current portion of operating lease liabilities | 2,747 |  |  | 3,328 |  |  |
Long-term operating lease liabilities | 7,537 |  |  | 8,044 |  |  |
Total operating lease liabilities | $ | 10,284 |  |  | $ | 11,372 |  |  |
Finance Leases |  |  |  |  |
Property and equipment | $ | 147 |  |  | $ | 147 |  |  |
Accumulated depreciation | (66) |  |  | (55) |  |  |
Property and equipment, net | $ | 81 |  |  | $ | 92 |  |  |
Current portion of finance lease liabilities | $ | 31 |  |  | $ | 36 |  |  |
Long-term finance lease liabilities | — |  |  | 19 |  |  |
Total finance lease liabilities | $ | 31 |  |  | $ | 55 |  |  |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating leases | 4.6 years |  | 5.3 years |  |
Finance leases | 0.8 years |  | 1.6 years |  |
Weighted Average Discount Rate |  |  |  |  |
Operating leases | 9.2 | % |  | 9.3 | % |  |
Finance leases | 8.5 | % |  | 8.9 | % |  |
Schedule of Future Sublease Rental Income | Sublease Income On April 1, 2023, the Company entered into an agreement to sublease its office and lab space in Houston, Texas beginning September 1, 2023 and continuing until October 30, 2030. The rental income from the sublease is included in the Company’s statement of operations in Other income (expense), net, and offsets the rental expense from the Company’s lease of the facility from the landlord. Sublease rental income for future years are as follows (in thousands):
Years ending December 31, |  | Rental Income
2023 (excluding the nine months ended September 30, 2023) | $ | 192 |
2024 |  | 767 |
2025 |  | 767 |
2026 |  | 767 |
2027 |  | 767 |
Thereafter |  | 2,173 |
Total rental income |  | $ | 5,433 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479773/842-30-50-12 + Details
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