Leases

12 Months Ended

Dec. 31, 2023

The Company recognizes right-of-use (“ROU”) assets and lease liabilities when it obtains the right to control an asset under a leasing arrangement with an initial term greater than twelve months. The Company leases its facilities under non-cancellable operating leases.

The Company evaluates the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognizes the ROU asset and lease liabilities based on the present value of future minimum lease payments over the expected lease term. The Company’s leases do not generally contain an implicit interest rate and therefore the Company uses the incremental borrowing rate it would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of its lease payments.

On June 25, 2020, the Company entered into a sub-lease agreement (the “2021 Sub-Lease”) with its previous sub-lessee pursuant to which, effective August 2, 2021, the previous sub-lessee would become the lessee and the Company would then sublease its portion of the premises in Galway, Ireland from the previous sub-lessee. The Company’s rent expense under the 2021 Sub-Lease is approximately $3,700 per month for a term of five years.

On September 22, 2020, the Company entered into an amendment to a sub-lease agreement executed in March 2016 for approximately 6,877 square feet of office space at 1633 Broadway, New York, NY. The term of the sub-lease agreement began in April 2016 and, pursuant to amendments was extended through August 2023. As of August 31, 2023, this lease has been on a month-to-month basis. No ROU assets or lease liabilities are recognized on the balance sheet for this arrangement. The Company ended the sublease for its former corporate offices at 1633 Broadway, New York, NY in February 2024.

For the years ended December 31, 2023 and 2022, lease expense of less than $0.2 million and $0.1 million, respectively, was recorded for short-term leases.

The following table summarizes the Company’s operating leases as of December 31, 2023:


	U.S.			Ireland			Total
Lease cost
Operating cash flows from operating leases	$	238		$	33		$	271
Weighted average remaining lease term	—			2.6
Weighted average discount rate - operating leases	8		%	8		%

Maturities of the Company’s operating leases, excluding short-term leases, are as follows:


	U.S.		Ireland		Total
Year ended December 31, 2024	$	—	$	44	$	44
Year ended December 31, 2025	—		44		44
Year ended December 31, 2026	—		26		26
Total	—		114		114
Less present value discount	—		(11)		(11)
Operating lease liabilities included in the condensed consolidated balance sheets at December 31, 2023	$	—	$	103	$	103