XML 33 R15.htm IDEA: XBRL DOCUMENT

Note 9 - Lease Liabilities

12 Months Ended

Dec. 31, 2023

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