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Leases
 9 Months Ended
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,
2024202320242023
Operating lease expense$640 $890 $2,176 $2,625 
Finance lease expense:
Amortization of assets4 3 11 11 
Interest on lease liabilities— 1 1 3 
Total finance lease expense 4 4 12 14 
Short-term lease expense392 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 leases7 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 
20252,117 
20261,810 
20271,741 
20281,602 
Thereafter3,047 
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, 2024December 31, 2023
Operating Leases
Operating lease right-of-use assets$3,759 $5,030 
Current portion of operating lease liabilities1,642 2,449 
Long-term operating lease liabilities6,871 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 leases5.5 years5.5 years
Finance leases— 0.6 years
Weighted Average Discount Rate
Operating leases9.5 %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 
2025767 
2026767 
2027767 
2028767 
Thereafter1,406 
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,
2024202320242023
Operating lease expense$640 $890 $2,176 $2,625 
Finance lease expense:
Amortization of assets4 3 11 11 
Interest on lease liabilities— 1 1 3 
Total finance lease expense 4 4 12 14 
Short-term lease expense392 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 leases7 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 
20252,117 
20261,810 
20271,741 
20281,602 
Thereafter3,047 
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, 2024December 31, 2023
Operating Leases
Operating lease right-of-use assets$3,759 $5,030 
Current portion of operating lease liabilities1,642 2,449 
Long-term operating lease liabilities6,871 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 leases5.5 years5.5 years
Finance leases— 0.6 years
Weighted Average Discount Rate
Operating leases9.5 %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 
2025767 
2026767 
2027767 
2028767 
Thereafter1,406 
Total rental income$4,666