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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | Leases 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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease expense | $ | 640 |  |  | $ | 890 |  |  | $ | 2,176 |  |  | $ | 2,625 |
Finance lease expense: |  |  |  |  |  |  |
Amortization of assets | 4 |  |  | 3 |  |  | 11 |  |  | 11 |
Interest on lease liabilities | — |  |  | 1 |  |  | 1 |  |  | 3 |
Total finance lease expense | 4 |  |  | 4 |  |  | 12 |  |  | 14 |
Short-term lease expense | 392 |  |  | 138 |  |  | 963 |  |  | 160 |
Total lease expense | $ | 1,036 |  |  | $ | 1,032 |  |  | $ | 3,151 |  |  | $ | 2,799 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 1,245 |  |  | $ | 1,331 |  |  | $ | 4,232 |  |  | $ | 4,246 |
Operating cash flows from finance leases | 7 |  |  | 7 |  |  | 30 |  |  | 24 |
Financing cash flows from finance leases | — |  |  | 1 |  |  | — |  |  | 3 |
Maturities of lease liabilities as of September 30, 2024 are as follows (in thousands):
Years ending December 31, |  | Operating Leases
2024 (excluding the nine months ended September 30, 2024) | $ | 611 |
2025 |  | 2,117 |
2026 |  | 1,810 |
2027 |  | 1,741 |
2028 |  | 1,602 |
Thereafter |  | 3,047 |
Total lease payments |  | $ | 10,928 |
Less: Interest |  | (2,415) |
Present value of lease liabilities |  | $ | 8,513 |
Supplemental balance sheet information related to leases is as follows (in thousands):
| September 30, 2024 |  | December 31, 2023 |  |
Operating Leases |  |  |  |  |
Operating lease right-of-use assets | $ | 3,759 |  |  | $ | 5,030 |  |  |
Current portion of operating lease liabilities | 1,642 |  |  | 2,449 |  |  |
Long-term operating lease liabilities | 6,871 |  |  | 7,676 |  |  |
Total operating lease liabilities | $ | 8,513 |  |  | $ | 10,125 |  |  |
Finance Leases |  |  |  |  |
Property and equipment | $ | — |  |  | $ | 147 |  |  |
Accumulated depreciation | — |  |  | (70) |  |  |
Property and equipment, net | $ | — |  |  | $ | 77 |  |  |
Current portion of finance lease liabilities | $ | — |  |  | $ | 22 |  |  |
Total finance lease liabilities | $ | — |  |  | $ | 22 |  |  |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating leases | 5.5 years |  | 5.5 years |  |
Finance leases | — |  |  | 0.6 years |  |
Weighted Average Discount Rate |  |  |  |  |
Operating leases | 9.5 | % |  | 9.5 | % |  |
Finance leases | — | % |  | 8.5 | % |  |
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 monthly rental expense of $86 thousand from the Company’s lease of the facility. Sublease rental income for future years are as follows (in thousands):
Years ending December 31, |  | Rental Income
2024 (excluding the nine months ended September 30, 2024) | $ | 192 |
2025 |  | 767 |
2026 |  | 767 |
2027 |  | 767 |
2028 |  | 767 |
Thereafter |  | 1,406 |
Total rental income |  | $ | 4,666 |
Leases | Leases 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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease expense | $ | 640 |  |  | $ | 890 |  |  | $ | 2,176 |  |  | $ | 2,625 |
Finance lease expense: |  |  |  |  |  |  |
Amortization of assets | 4 |  |  | 3 |  |  | 11 |  |  | 11 |
Interest on lease liabilities | — |  |  | 1 |  |  | 1 |  |  | 3 |
Total finance lease expense | 4 |  |  | 4 |  |  | 12 |  |  | 14 |
Short-term lease expense | 392 |  |  | 138 |  |  | 963 |  |  | 160 |
Total lease expense | $ | 1,036 |  |  | $ | 1,032 |  |  | $ | 3,151 |  |  | $ | 2,799 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 1,245 |  |  | $ | 1,331 |  |  | $ | 4,232 |  |  | $ | 4,246 |
Operating cash flows from finance leases | 7 |  |  | 7 |  |  | 30 |  |  | 24 |
Financing cash flows from finance leases | — |  |  | 1 |  |  | — |  |  | 3 |
Maturities of lease liabilities as of September 30, 2024 are as follows (in thousands):
Years ending December 31, |  | Operating Leases
2024 (excluding the nine months ended September 30, 2024) | $ | 611 |
2025 |  | 2,117 |
2026 |  | 1,810 |
2027 |  | 1,741 |
2028 |  | 1,602 |
Thereafter |  | 3,047 |
Total lease payments |  | $ | 10,928 |
Less: Interest |  | (2,415) |
Present value of lease liabilities |  | $ | 8,513 |
Supplemental balance sheet information related to leases is as follows (in thousands):
| September 30, 2024 |  | December 31, 2023 |  |
Operating Leases |  |  |  |  |
Operating lease right-of-use assets | $ | 3,759 |  |  | $ | 5,030 |  |  |
Current portion of operating lease liabilities | 1,642 |  |  | 2,449 |  |  |
Long-term operating lease liabilities | 6,871 |  |  | 7,676 |  |  |
Total operating lease liabilities | $ | 8,513 |  |  | $ | 10,125 |  |  |
Finance Leases |  |  |  |  |
Property and equipment | $ | — |  |  | $ | 147 |  |  |
Accumulated depreciation | — |  |  | (70) |  |  |
Property and equipment, net | $ | — |  |  | $ | 77 |  |  |
Current portion of finance lease liabilities | $ | — |  |  | $ | 22 |  |  |
Total finance lease liabilities | $ | — |  |  | $ | 22 |  |  |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating leases | 5.5 years |  | 5.5 years |  |
Finance leases | — |  |  | 0.6 years |  |
Weighted Average Discount Rate |  |  |  |  |
Operating leases | 9.5 | % |  | 9.5 | % |  |
Finance leases | — | % |  | 8.5 | % |  |
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 monthly rental expense of $86 thousand from the Company’s lease of the facility. Sublease rental income for future years are as follows (in thousands):
Years ending December 31, |  | Rental Income
2024 (excluding the nine months ended September 30, 2024) | $ | 192 |
2025 |  | 767 |
2026 |  | 767 |
2027 |  | 767 |
2028 |  | 767 |
Thereafter |  | 1,406 |
Total rental income |  | $ | 4,666 |

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- 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
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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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