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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | 10. LEASES In November 2020, Legacy Tectonic executed a facilities lease agreement to occupy 18,768 square feet of office and laboratory space, that was subsequently amended on April 21, 2022. The lease requires the Company to pay fixed base rent, which is included in the measurement of the lease, as well as its proportionate share of the facilities operating expenses which are treated as variable lease costs based on the Company’s election to combine lease and associated non-lease components and are excluded from the measurement of the lease. The lease expires on January 31, 2026, and contains a five -year renewal option exercisable by the Company which is not included in the measurement of the lease. Legacy Tectonic has also entered into various financing leases for laboratory equipment used in research and development activities. The components of lease expense and other information are as follows (dollars in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Finance lease amortization of right-of-use assets |  | $ | 448 |  |  | $ | 488 |
Interest of finance lease liabilities |  |  | 107 |  |  |  | 151 |
Finance lease expense |  |  | 555 |  |  |  | 639 |
Operating lease expense |  |  | 1,608 |  |  |  | 1,404 |
Short-term lease expense |  |  | 545 |  |  |  | 749 |
Variable lease expense |  |  | 911 |  |  |  | 786 |
Total lease expense |  | $ | 3,619 |  |  | $ | 3,578 |
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average remaining lease terms (in years) |  |  |  |  |  |  |  |
Operating leases |  |  | 1.06 |  |  |  | 2.09 |
Finance leases |  |  | 2.26 |  |  |  | 3.23 |
Weighted-average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 8.49 | % |  |  | 8.25 | %
Finance leases |  |  | 9.76 | % |  |  | 9.62 | %
Future commitments due under these lease agreements as of December 31, 2024 are as follows (in thousands):
As of December 31, |  | Operating Leases |  |  | Finance Leases |  |  | Total |
2025 |  | $ | 2,396 |  |  | $ | 552 |  |  | $ | 2,948 |
2026 |  |  | 132 |  |  |  | 363 |  |  |  | 495 |
2027 |  |  | — |  |  |  | 44 |  |  |  | 44 |
Total undiscounted cash flows |  |  | 2,528 |  |  |  | 959 |  |  |  | 3,487 |
Less: imputed interest |  |  | (101 | ) |  |  | (83 | ) |  |  | (184 | )
Total lease liabilities |  | $ | 2,427 |  |  | $ | 876 |  |  | $ | 3,303 |
Less: current portion |  |  | 2,295 |  |  |  | 489 |  |  |  | 2,784 |
Lease liabilities |  | $ | 132 |  |  | $ | 387 |  |  | $ | 519 |

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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