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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Leases The components of lease expense and supplemental cash flow information are as follows (in thousands):
|  |  | Years ended December 31,
|  |  |  |  | 2024 |  | 2023
Operating lease expense |  |  |  |  | $ | 2,703 |  |  | $ | 3,552 |
Finance lease expense: |  |  |  |  |  |  |
Amortization of assets |  |  |  |  | 15 |  |  | 15 |
Interest on lease liabilities |  |  |  |  | 1 |  |  | 3 |
Total finance lease expense |  |  |  |  | 16 |  |  | 18 |
Short-term lease expense |  |  |  |  | 1,383 |  |  | 300 |
Total lease expense |  |  |  |  | $ | 4,102 |  |  | $ | 3,870 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 5,399 |  |  | $ | 5,508 |
Operating cash flows from finance leases |  |  |  |  | 30 |  |  | 34 |
Financing cash flows from finance leases |  |  |  |  | 1 |  |  | 3 |
Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):
Years ending December 31, |  | Operating Leases
2025 |  | $ | 2,121 |
2026 |  | 1,693 |
2027 |  | 1,741 |
2028 |  | 1,602 |
2029 |  | 1,641 |
Thereafter |  | 1,407 |
Total lease payments |  | $ | 10,205 |
Less: Interest |  | (2,205) |
Present value of lease liabilities |  | $ | 8,000 |
Supplemental balance sheet information related to leases is as follows (in thousands):
| December 31, 2024 |  | December 31, 2023 |  |
Operating Leases |  |  |  |  |
Operating lease right-of-use assets | $ | 3,326 |  |  | $ | 5,030 |  |  |
Current portion of operating lease liabilities | 1,486 |  |  | 2,449 |  |  |
Long-term operating lease liabilities | 6,514 |  |  | 7,676 |  |  |
Total operating lease liabilities | $ | 8,000 |  |  | $ | 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 | 5.4 years |  | 5.5 years |  |
Finance leases | — |  |  | 0.6 years |  |
Weighted Average Discount Rate |  |  |  |  |
Operating leases | 9.4 | % |  | 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 through October 30, 2030. The Company recorded rental income from the sublease of $0.7 million and $0.3 million for the years ended December 31, 2024 and 2023, respectively, which is included in the Company’s statement of operations in Other income (expense), net. Rental income from the sublease offsets the monthly rental expense 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
2025 |  | $ | 767 |
2026 |  | 767 |
2027 |  | 767 |
2028 |  | 767 |
2029 |  | 767 |
Thereafter |  | 639 |
Total rental income |  | $ | 4,474 |
Leases | Leases The components of lease expense and supplemental cash flow information are as follows (in thousands):
|  |  | Years ended December 31,
|  |  |  |  | 2024 |  | 2023
Operating lease expense |  |  |  |  | $ | 2,703 |  |  | $ | 3,552 |
Finance lease expense: |  |  |  |  |  |  |
Amortization of assets |  |  |  |  | 15 |  |  | 15 |
Interest on lease liabilities |  |  |  |  | 1 |  |  | 3 |
Total finance lease expense |  |  |  |  | 16 |  |  | 18 |
Short-term lease expense |  |  |  |  | 1,383 |  |  | 300 |
Total lease expense |  |  |  |  | $ | 4,102 |  |  | $ | 3,870 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 5,399 |  |  | $ | 5,508 |
Operating cash flows from finance leases |  |  |  |  | 30 |  |  | 34 |
Financing cash flows from finance leases |  |  |  |  | 1 |  |  | 3 |
Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):
Years ending December 31, |  | Operating Leases
2025 |  | $ | 2,121 |
2026 |  | 1,693 |
2027 |  | 1,741 |
2028 |  | 1,602 |
2029 |  | 1,641 |
Thereafter |  | 1,407 |
Total lease payments |  | $ | 10,205 |
Less: Interest |  | (2,205) |
Present value of lease liabilities |  | $ | 8,000 |
Supplemental balance sheet information related to leases is as follows (in thousands):
| December 31, 2024 |  | December 31, 2023 |  |
Operating Leases |  |  |  |  |
Operating lease right-of-use assets | $ | 3,326 |  |  | $ | 5,030 |  |  |
Current portion of operating lease liabilities | 1,486 |  |  | 2,449 |  |  |
Long-term operating lease liabilities | 6,514 |  |  | 7,676 |  |  |
Total operating lease liabilities | $ | 8,000 |  |  | $ | 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 | 5.4 years |  | 5.5 years |  |
Finance leases | — |  |  | 0.6 years |  |
Weighted Average Discount Rate |  |  |  |  |
Operating leases | 9.4 | % |  | 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 through October 30, 2030. The Company recorded rental income from the sublease of $0.7 million and $0.3 million for the years ended December 31, 2024 and 2023, respectively, which is included in the Company’s statement of operations in Other income (expense), net. Rental income from the sublease offsets the monthly rental expense 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
2025 |  | $ | 767 |
2026 |  | 767 |
2027 |  | 767 |
2028 |  | 767 |
2029 |  | 767 |
Thereafter |  | 639 |
Total rental income |  | $ | 4,474 |

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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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