XML 30 R15.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
Leases | Leases Rental income recognized from leasing manufacturing facilities was $0.4 million for the year ended December 31, 2022 and is included in other, net in the consolidated statement of operations. As discussed in Note 6, “Property and Equipment” these facilities were sold in 2022 and the lease agreements between the tenants and the Company terminated. The components of lease expense and supplemental cash flow information are as follows (in thousands):
|  |  | Years ended December 31,
|  |  |  |  | 2023 |  | 2022
Operating lease expense |  |  |  |  | $ | 3,552 |  |  | $ | 2,393 |
Finance lease expense: |  |  |  |  |  |  |
Amortization of assets |  |  |  |  | 15 |  |  | 15 |
Interest on lease liabilities |  |  |  |  | 3 |  |  | 12 |
Total finance lease expense |  |  |  |  | 18 |  |  | 27 |
Short-term lease expense |  |  |  |  | 300 |  |  | 341 |
Total lease expense |  |  |  |  | $ | 3,870 |  |  | $ | 2,761 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 5,508 |  |  | $ | 2,934 |
Operating cash flows from finance leases |  |  |  |  | 34 |  |  | 39 |
Financing cash flows from finance leases |  |  |  |  | 3 |  |  | 6 |
Maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):
Years ending December 31, |  | Operating Leases |  | Finance Leases
2024 |  | $ | 3,215 |  |  | $ | 22 |
2025 |  | 2,046 |  |  | — |
2026 |  | 1,732 |  |  | — |
2027 |  | 1,660 |  |  | — |
2028 |  | 1,518 |  |  | — |
Thereafter |  | 2,815 |  |  | — |
Total lease payments |  | $ | 12,986 |  |  | $ | 22 |
Less: Interest |  | (2,861) |  |  | — |
Present value of lease liabilities |  | $ | 10,125 |  |  | $ | 22 |
Supplemental balance sheet information related to leases is as follows (in thousands):
| December 31, 2023 |  | December 31, 2022 |  |
Operating Leases |  |  |  |  |
Operating lease right-of-use assets | $ | 5,030 |  |  | $ | 5,900 |  |  |
Current portion of operating lease liabilities | $ | 2,449 |  |  | $ | 3,328 |  |  |
Long-term operating lease liabilities | 7,676 |  |  | 8,044 |  |  |
Total operating lease liabilities | $ | 10,125 |  |  | $ | 11,372 |  |  |
Finance Leases |  |  |  |  |
Property and equipment | $ | 147 |  |  | $ | 147 |  |  |
Accumulated depreciation | (70) |  |  | (55) |  |  |
Property and equipment, net | $ | 77 |  |  | $ | 92 |  |  |
Current portion of finance lease liabilities | $ | 22 |  |  | $ | 36 |  |  |
Long-term finance lease liabilities | — |  |  | 19 |  |  |
Total finance lease liabilities | $ | 22 |  |  | $ | 55 |  |  |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating leases | 4.5 years |  | 5.3 years |  |
Finance leases | 0.5 years |  | 1.6 years |  |
Weighted Average Discount Rate |  |  |  |  |
Operating leases | 7.8 | % |  | 9.3 | % |  |
Finance leases | 8.5 | % |  | 8.9 | % |  |
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 31, 2030. The rental income of $0.3 million for the year ended December 31, 2023 from the sublease is included in the Company’s statement of operations in Other income, 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
2024 |  | $ | 767 |
2025 |  | 767 |
2026 |  | 767 |
2027 |  | 767 |
2028 |  | 767 |
Thereafter |  | 1,406 |
Total rental income |  | $ | 5,241 |
Leases | Leases Rental income recognized from leasing manufacturing facilities was $0.4 million for the year ended December 31, 2022 and is included in other, net in the consolidated statement of operations. As discussed in Note 6, “Property and Equipment” these facilities were sold in 2022 and the lease agreements between the tenants and the Company terminated. The components of lease expense and supplemental cash flow information are as follows (in thousands):
|  |  | Years ended December 31,
|  |  |  |  | 2023 |  | 2022
Operating lease expense |  |  |  |  | $ | 3,552 |  |  | $ | 2,393 |
Finance lease expense: |  |  |  |  |  |  |
Amortization of assets |  |  |  |  | 15 |  |  | 15 |
Interest on lease liabilities |  |  |  |  | 3 |  |  | 12 |
Total finance lease expense |  |  |  |  | 18 |  |  | 27 |
Short-term lease expense |  |  |  |  | 300 |  |  | 341 |
Total lease expense |  |  |  |  | $ | 3,870 |  |  | $ | 2,761 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 5,508 |  |  | $ | 2,934 |
Operating cash flows from finance leases |  |  |  |  | 34 |  |  | 39 |
Financing cash flows from finance leases |  |  |  |  | 3 |  |  | 6 |
Maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):
Years ending December 31, |  | Operating Leases |  | Finance Leases
2024 |  | $ | 3,215 |  |  | $ | 22 |
2025 |  | 2,046 |  |  | — |
2026 |  | 1,732 |  |  | — |
2027 |  | 1,660 |  |  | — |
2028 |  | 1,518 |  |  | — |
Thereafter |  | 2,815 |  |  | — |
Total lease payments |  | $ | 12,986 |  |  | $ | 22 |
Less: Interest |  | (2,861) |  |  | — |
Present value of lease liabilities |  | $ | 10,125 |  |  | $ | 22 |
Supplemental balance sheet information related to leases is as follows (in thousands):
| December 31, 2023 |  | December 31, 2022 |  |
Operating Leases |  |  |  |  |
Operating lease right-of-use assets | $ | 5,030 |  |  | $ | 5,900 |  |  |
Current portion of operating lease liabilities | $ | 2,449 |  |  | $ | 3,328 |  |  |
Long-term operating lease liabilities | 7,676 |  |  | 8,044 |  |  |
Total operating lease liabilities | $ | 10,125 |  |  | $ | 11,372 |  |  |
Finance Leases |  |  |  |  |
Property and equipment | $ | 147 |  |  | $ | 147 |  |  |
Accumulated depreciation | (70) |  |  | (55) |  |  |
Property and equipment, net | $ | 77 |  |  | $ | 92 |  |  |
Current portion of finance lease liabilities | $ | 22 |  |  | $ | 36 |  |  |
Long-term finance lease liabilities | — |  |  | 19 |  |  |
Total finance lease liabilities | $ | 22 |  |  | $ | 55 |  |  |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating leases | 4.5 years |  | 5.3 years |  |
Finance leases | 0.5 years |  | 1.6 years |  |
Weighted Average Discount Rate |  |  |  |  |
Operating leases | 7.8 | % |  | 9.3 | % |  |
Finance leases | 8.5 | % |  | 8.9 | % |  |
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 31, 2030. The rental income of $0.3 million for the year ended December 31, 2023 from the sublease is included in the Company’s statement of operations in Other income, 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
2024 |  | $ | 767 |
2025 |  | 767 |
2026 |  | 767 |
2027 |  | 767 |
2028 |  | 767 |
Thereafter |  | 1,406 |
Total rental income |  | $ | 5,241 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration