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Note 9 - Lease Liabilities | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Lease Disclosure [Text Block] | Note 9—Lease Liabilities We have operating leases related to our office and laboratory space. The initial term of the leases is through November 2027 and we have two options to extend the lease term, each by five years. We have finance leases for certain laboratory and office equipment that have lease terms expiring through November 2026. Lease-related assets and liabilities recorded on our consolidated balance sheet are as follows:
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Assets |  |  |  |  |  |  |  |
Operating lease assets |  | $ | 18,631 |  |  | $ | 21,762 |
Finance lease assets, net |  |  | 1,220 |  |  |  | 945 |
Total lease assets |  | $ | 19,851 |  |  | $ | 22,707 |
Liabilities |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Operating leases |  | $ | 4,590 |  |  | $ | 3,888 |
Finance leases |  |  | 570 |  |  |  | 422 |
Non-current: |  |  |  |  |  |  |  |
Operating leases |  |  | 17,424 |  |  |  | 21,971 |
Finance leases |  |  | 719 |  |  |  | 455 |
Total lease liabilities |  | $ | 23,303 |  |  | $ | 26,736 |
Weighted-average remaining lease term |  |  |  |  |  |  |  |
Operating leases (years) |  |  | 3.8 |  |  |  | 4.8 |
Finance leases (years) |  |  | 2.3 |  |  |  | 2.3 |
Weighted-average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 12.81 | % |  |  | 12.81 | %
Finance leases |  |  | 8.57 | % |  |  | 10.44 | %
The components of total lease costs are as follows:
|  | Year Ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Lease cost |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 6,464 |  |  | $ | 6,152 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization |  |  | 677 |  |  |  | 812 |
Interest |  |  | 174 |  |  |  | 174 |
Variable lease cost |  |  | 3,160 |  |  |  | 3,191 |
Sublease income |  |  | (1,500 | ) |  |  | (1,755 | )
Net lease cost |  | $ | 8,975 |  |  | $ | 8,574 |
The supplemental cash flow information related to leases is as follows:
|  | Year Ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Cash payments for operating leases |  | $ | 7,144 |  |  | $ | 7,072 |
Cash payments for financing leases |  | $ | 655 |  |  | $ | 790 |
The future maturities of our lease liabilities as of December 31, 2023 are as follows:
|  | Operating |  |  | Finance |  |  |  |  |
|  | Leases |  |  | Leases |  |  | Total |
|  | (In thousands) |
2024 |  | $ | 8,528 |  |  | $ | 684 |  |  | $ | 9,212 |
2025 |  |  | 7,088 |  |  |  | 517 |  |  |  | 7,605 |
2026 |  |  | 6,870 |  |  |  | 258 |  |  |  | 7,128 |
2027 |  |  | 5,950 |  |  |  | — |  |  |  | 5,950 |
Total undiscounted lease payments |  |  | 28,436 |  |  |  | 1,459 |  |  |  | 29,895 |
Less interest |  |  | (6,422 | ) |  |  | (170 | ) |  |  | (6,592 | )
Total lease liabilities |  | $ | 22,014 |  |  | $ | 1,289 |  |  | $ | 23,303 |

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