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Leases | 9 Months Ended
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Sep. 30, 2024
Leases |
Leases |
10. | Leases
​ The Company leases approximately 33,000 square feet of research and office space for its corporate headquarters under a non-cancelable operating lease. In May 2023, the Company amended our lease, extending the lease term through May 31, 2033, and obtained a tenant improvement allowance of $1.3 million. The Company accounted for the amendment as a lease modification and remeasured the ROU asset and lease liability as of the amendment date, which resulted in an increase of $2.5 million to the ROU asset, and an increase of $3.8 million to the lease liability. The Company has one option to extend the term for an additional period of five years beginning on June 1, 2033. The rent expense is recognized on a straight-line basis through the end of the lease term, excluding option renewals. The difference between the straight-line rent amounts and amounts payable under the lease is recorded as deferred rent. ​ Operating lease expense for the nine months ended September 30, 2024 and 2023 was $0.7 million and $0.6 million, respectively. ​ The following table summarizes the lease assets and liabilities as of September 30, 2024 and December 31, 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | September 30, | ​ | December 31,
Operating Lease Assets and Liabilities | ​ | Balance Sheet Classification | ​ | 2024 | 2023
Assets |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease ROU assets | ​ | ​ | Deposits and other assets | ​ | $ | 4,925 | $ | 5,180
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current operating lease liabilities | ​ | ​ | Accrued expenses and other current liabilities | ​ | $ | 413 | $ | 368
Non-current operating lease liabilities | ​ | ​ | Other non-current liabilities | ​ | ​ | 5,899 | ​ | 6,214
Total operating lease liabilities | ​ | ​ | ​ | ​ | $ | 6,312 | $ | 6,582
​ The following table summarizes the maturity of undiscounted payments due under operating lease liabilities and the present value of those liabilities as of September 30, 2024 (in thousands): ​
​ | ​ | ​ | ​
2024 (remaining 3 months) |  | $ | 231
2025 | ​ | ​ | 939
2026 | ​ | ​ | 967
2027 | ​ | ​ | 996
2028 | ​ | ​ | 1,026
Thereafter | ​ | ​ | 4,908
Total | ​ | ​ | 9,067
Less: Present value adjustment | ​ | ​ | (2,755)
Present value of lease liabilities | ​ | $ | 6,312
​ The following table summarizes the weighted-average lease term and weighted-average discount rate as of September 30, 2024: ​
​ | ​ | ​ | ​
Remaining lease term (years) | ​ | 2024 | ​
Operating leases | ​ | 8.7 | ​
Discount rate | ​ | ​ | ​
Operating leases | ​ | 8.5 | %
​ | ​ | ​ | ​
​

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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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