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Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases Leases
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.
For both the three months ended June 30, 2024 and 2023, the Company recognized less than $0.1 million of operating lease expense, and $0.1 million and $0.2 million for the six months ended June 30, 2024 and 2023, respectively.
In 2021, 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 annual rent expense under the 2021 Sub-Lease is less than $0.1 million for a term of 5 years.
In 2020, the Company entered into an amendment to a sub-lease agreement executed in 2016 for office space at 1633 Broadway, New York, New York. 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, the lease was month-to-month. No ROU assets or lease liabilities were recognized on the balance sheet as of December 31, 2023 for this arrangement. The Company ended the sublease for its former corporate offices at 1633 Broadway, New York, New York in February 2024.
On January 18, 2024, the Company entered into a lease agreement (the “Queensbury Lease”) to lease approximately 18,000 square feet of manufacturing and office space in Queensbury, New York (the “Premises”). The initial term of the lease is five years with a right to extend the lease by an additional five years, exercisable under certain conditions set forth in the Queensbury Lease. The Company’s annual rent expense under the Queensbury Lease is less than $0.2 million for a term of 5 years.
The following table summarizes the Company’s operating leases as of June 30, 2024:
(In thousands)U.S.IrelandTotal
Operating lease cost20 17 37 
Operating cash flows for operating leases$(40)$(21)$(61)
Weighted average remaining lease term9.62.1
Weighted average discount rate - operating leases8 %8 %
Remaining maturities of the Company’s operating leases, excluding short-term leases, are as follows:
(In thousands)U.S.IrelandTotal
Year ended December 31, 2024$72 $21 $93 
Year ended December 31, 2025144 43 187 
Year ended December 31, 2026144 25 169 
Year ended December 31, 2027148 — 148 
Year ended December 31, 2028153 — 153 
Thereafter800 — 800 
Total1,461 89 1,550 
Less present value discount(451)(7)(458)
Operating lease liabilities included in the condensed consolidated balance sheets at June 30, 2024$1,010 $82 $1,092 
Leases Leases
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.
For both the three months ended June 30, 2024 and 2023, the Company recognized less than $0.1 million of operating lease expense, and $0.1 million and $0.2 million for the six months ended June 30, 2024 and 2023, respectively.
In 2021, 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 annual rent expense under the 2021 Sub-Lease is less than $0.1 million for a term of 5 years.
In 2020, the Company entered into an amendment to a sub-lease agreement executed in 2016 for office space at 1633 Broadway, New York, New York. 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, the lease was month-to-month. No ROU assets or lease liabilities were recognized on the balance sheet as of December 31, 2023 for this arrangement. The Company ended the sublease for its former corporate offices at 1633 Broadway, New York, New York in February 2024.
On January 18, 2024, the Company entered into a lease agreement (the “Queensbury Lease”) to lease approximately 18,000 square feet of manufacturing and office space in Queensbury, New York (the “Premises”). The initial term of the lease is five years with a right to extend the lease by an additional five years, exercisable under certain conditions set forth in the Queensbury Lease. The Company’s annual rent expense under the Queensbury Lease is less than $0.2 million for a term of 5 years.
The following table summarizes the Company’s operating leases as of June 30, 2024:
(In thousands)U.S.IrelandTotal
Operating lease cost20 17 37 
Operating cash flows for operating leases$(40)$(21)$(61)
Weighted average remaining lease term9.62.1
Weighted average discount rate - operating leases8 %8 %
Remaining maturities of the Company’s operating leases, excluding short-term leases, are as follows:
(In thousands)U.S.IrelandTotal
Year ended December 31, 2024$72 $21 $93 
Year ended December 31, 2025144 43 187 
Year ended December 31, 2026144 25 169 
Year ended December 31, 2027148 — 148 
Year ended December 31, 2028153 — 153 
Thereafter800 — 800 
Total1,461 89 1,550 
Less present value discount(451)(7)(458)
Operating lease liabilities included in the condensed consolidated balance sheets at June 30, 2024$1,010 $82 $1,092