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Lease Agreements | 3 Months Ended
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Mar. 31, 2025
Lease Agreements |
Lease Agreements | 7. Lease Agreements XOMA Royalty Office Lease The Company leases a facility in Emeryville, California under an operating lease, which commenced on November 10, 2023 and has a term of 65 months. The Company recognized an operating lease right-of-use assets of $0.4 million and operating lease liabilities of $0.4 million on November 10, 2023, the commencement date of the lease. Kinnate Lease As part of the Kinnate acquisition, the Company acquired a lease agreement that was assigned to an assignee that expires on June 30, 2026. In accordance with ASC 842, the Company accounted for the lease as if it had commenced on the acquisition date. The Company recognized operating lease liabilities of $0.8 million as of April 3, 2024. No operating lease right-of-use assets were recorded due to the allocation of the excess of fair value of net assets acquired to certain qualifying assets under ASC 805. Kinnate Sublease As part of the Kinnate acquisition, the Company acquired a lease assignment agreement with an assignee that expires on June 30, 2026. In accordance with ASC 842, the Company will account for the lease assignment as a sublease over its term. Under the terms of the lease assignment agreement, the assignee will make direct payments to the head lessor over the lease term. For the three months ended March 31, 2025 and 2024, respectively, the Company recognized sublease income of $0.1 million and zero in the other income (expense), net line item in the condensed consolidated statement of operations. The following table summarizes the maturity of the Company’s operating lease liabilities as of March 31, 2025 (in thousands):
​ | ​ | ​ | ​
​ | ​ | ​
Year | ​ | Rent Payments
2025 (excluding the three months ended March 31, 2025) | ​ | ​ | 376
2026 | ​ | ​ | 300
2027 |  | ​ | 91
2028 |  | ​ | 102
2029 | ​ | ​ | 35
Total undiscounted lease payments | ​ | $ | 904
Present value adjustment | ​ | ​ | (83)
Total net lease liability for operating leases | ​ | $ | 821
​ As of March 31, 2025 and December 31, 2024, the total net lease liability was $0.8 million and $0.9 million, respectively. As of March 31, 2025, the Company’s current and non-current operating lease liabilities were $0.5 million and $0.4 million, respectively. As of December 31, 2024, the Company’s current and non-current operating lease liabilities were $0.4 million and $0.5 million, respectively. The following table summarizes the cost components of the Company’s operating leases included in G&A in the condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended March 31,
​ | ​ | 2025 | ​ | 2024
Lease costs: | ​ | ​ | ​ | ​ | ​ | ​
Operating lease cost | ​ | $ | 33 |  | $ | 22
Variable lease cost (1) | ​ | ​ | — |  | ​ | (2)
Total lease costs | ​ | $ | 33 | ​ | $ | 20
​
| (1) | Under the terms of the lease agreement, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. Variable lease payments include non-lease components such as common area maintenance fees. The negative balance for the period ended March 31, 2024 was due to the lessor’s reconciliation of variable lease costs from which a credit was due to the Company.
​ ​ The following table presents supplemental disclosure for the condensed consolidated statements of cash flows related to operating leases (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended March 31,
​ |  | 2025 | ​ | 2024
Cash paid for amounts included in the measurement of lease liabilities | ​ |  | ​ | ​ |  | ​
Operating cash flows under operating leases | ​ | $ | 23 | ​ | $ | 23
​ The assumptions used in calculating the present value of the lease payments for the Company’s operating leases as of March 31, 2025 and December 31, 2024 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, | ​ | December 31,
​ |  | 2025 | ​ | 2024
Weighted-average remaining lease term | ​ | 2.35 years | ​ | ​ | 2.52 years | ​
Weighted-average discount rate | ​ | 8.00 | % | ​ | 8.00 | %
​

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