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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Leases Leases Operating Leases The Company leases office and laboratory space located in Vista, California. The lease expires in April 2027, with an option to extend portions of the lease for additional 5-year periods. The Company has not included the optional renewal periods in the measurement of the lease liability, because it is not reasonably certain that the Company will exercise these renewal options. The Company's payments under the lease are subject to escalation clauses. The Company leases additional office space in Carlsbad, California, under a sub-lease which commenced in October 2021 and expires in April 2027. Monthly base rent under the sub-lease agreement is $70,042. The monthly base rent increases by approximately 3% annually, each October 1, through the remainder of the lease term. Finance Leases The Company has entered into various finance lease agreements to obtain laboratory equipment. The terms of the Company's finance leases generally range from three to five years and are typically secured by the underlying equipment. The portion of the future payments designated as principal repayments were classified as finance lease liabilities on the Company's balance sheet. Operating and Finance Leases Balances and Costs Operating and finance leases consist of the following (in thousands):
|  |  |  | December 31,
Lease Balance |  | Classification |  | 2023 |  | 2022
Lease Assets |  |  |  |  |  |
Operating |  | Operating lease right-of-use assets |  | $ | 3,286 |  |  | $ | 4,885 |
Finance |  | Property and equipment, net |  | $ | 810 |  |  | $ | 1,427 |
Lease Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Operating lease liabilities |  | $ | 976 |  |  | $ | 1,040 |
Finance |  | Accrued and other current liabilities |  | $ | 490 |  |  | $ | 700 |
Non-current |  |  |  |  |  |
Operating |  | Non-current operating lease liabilities |  | $ | 2,760 |  |  | $ | 4,493 |
Finance |  | Other non-current liabilities |  | $ | 358 |  |  | $ | 848 |
Costs associated with the Company's leases were included in the statements of operations as follows (in thousands):
|  | Year Ended December 31,
Lease Cost |  | 2023 |  | 2022
Operating leases |  |  |  |
Operating lease cost(1) |  | $ | 1,463 |  |  | $ | 1,540 |
Finance lease cost |  |  |  |
Amortization of lease assets |  | 556 |  |  | 679
Interest on finance lease liabilities |  | 128 |  |  | 80
Total lease cost |  | $ | 2,147 |  |  | $ | 2,299 |
(1) Includes variable lease cost of $129,000 and $165,000 for the years ended December 31, 2023 and 2022, respectively. Supplemental cash flow information on leases is as follows (in thousands):
|  | Year Ended December 31,
Cash paid for amounts included in the measurement of lease liabilities |  | 2023 |  | 2022
Operating cash out flows from operating leases |  | $ | 1,405 |  |  | $ | 1,262 |
Operating cash out flows from interest paid on finance leases |  | $ | 128 |  |  | $ | 80 |
Financing cash out flows from finance leases |  | $ | 697 |  |  | $ | 667 |
Information regarding the weighted-average lease term and weighted average discount rate are as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  | 3.3 |  | 4.3
Finance leases |  | 2.06 |  | 1.94
Weighted-average discount rate |  |  |  |
Operating leases |  | 8.0 | % |  | 8.0 | %
Finance leases |  | 12.2 | % |  | 4.8 | %
Future payments under operating and finance leases as of December 31, 2023 are as follows (in thousands):
|  | Operating Leases |  | Finance Leases
2024 |  | $ | 1,240 |  |  | $ | 574 |
2025 |  | 1,277 |  |  | 248 |
2026 |  | 1,315 |  |  | 147 |
2027 |  | 445 |  |  | 28 |
Total minimum lease payments |  | 4,277 |  |  | 997 |
Less: imputed interest |  | (541) |  |  | (149) |
Total lease liabilities |  | 3,736 |  |  | 848 |
Less: current portion |  | (976) |  |  | (490) |
Lease obligations, net of current portion |  | $ | 2,760 |  |  | $ | 358 |
Leases | Leases Leases Operating Leases The Company leases office and laboratory space located in Vista, California. The lease expires in April 2027, with an option to extend portions of the lease for additional 5-year periods. The Company has not included the optional renewal periods in the measurement of the lease liability, because it is not reasonably certain that the Company will exercise these renewal options. The Company's payments under the lease are subject to escalation clauses. The Company leases additional office space in Carlsbad, California, under a sub-lease which commenced in October 2021 and expires in April 2027. Monthly base rent under the sub-lease agreement is $70,042. The monthly base rent increases by approximately 3% annually, each October 1, through the remainder of the lease term. Finance Leases The Company has entered into various finance lease agreements to obtain laboratory equipment. The terms of the Company's finance leases generally range from three to five years and are typically secured by the underlying equipment. The portion of the future payments designated as principal repayments were classified as finance lease liabilities on the Company's balance sheet. Operating and Finance Leases Balances and Costs Operating and finance leases consist of the following (in thousands):
|  |  |  | December 31,
Lease Balance |  | Classification |  | 2023 |  | 2022
Lease Assets |  |  |  |  |  |
Operating |  | Operating lease right-of-use assets |  | $ | 3,286 |  |  | $ | 4,885 |
Finance |  | Property and equipment, net |  | $ | 810 |  |  | $ | 1,427 |
Lease Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Operating lease liabilities |  | $ | 976 |  |  | $ | 1,040 |
Finance |  | Accrued and other current liabilities |  | $ | 490 |  |  | $ | 700 |
Non-current |  |  |  |  |  |
Operating |  | Non-current operating lease liabilities |  | $ | 2,760 |  |  | $ | 4,493 |
Finance |  | Other non-current liabilities |  | $ | 358 |  |  | $ | 848 |
Costs associated with the Company's leases were included in the statements of operations as follows (in thousands):
|  | Year Ended December 31,
Lease Cost |  | 2023 |  | 2022
Operating leases |  |  |  |
Operating lease cost(1) |  | $ | 1,463 |  |  | $ | 1,540 |
Finance lease cost |  |  |  |
Amortization of lease assets |  | 556 |  |  | 679
Interest on finance lease liabilities |  | 128 |  |  | 80
Total lease cost |  | $ | 2,147 |  |  | $ | 2,299 |
(1) Includes variable lease cost of $129,000 and $165,000 for the years ended December 31, 2023 and 2022, respectively. Supplemental cash flow information on leases is as follows (in thousands):
|  | Year Ended December 31,
Cash paid for amounts included in the measurement of lease liabilities |  | 2023 |  | 2022
Operating cash out flows from operating leases |  | $ | 1,405 |  |  | $ | 1,262 |
Operating cash out flows from interest paid on finance leases |  | $ | 128 |  |  | $ | 80 |
Financing cash out flows from finance leases |  | $ | 697 |  |  | $ | 667 |
Information regarding the weighted-average lease term and weighted average discount rate are as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  | 3.3 |  | 4.3
Finance leases |  | 2.06 |  | 1.94
Weighted-average discount rate |  |  |  |
Operating leases |  | 8.0 | % |  | 8.0 | %
Finance leases |  | 12.2 | % |  | 4.8 | %
Future payments under operating and finance leases as of December 31, 2023 are as follows (in thousands):
|  | Operating Leases |  | Finance Leases
2024 |  | $ | 1,240 |  |  | $ | 574 |
2025 |  | 1,277 |  |  | 248 |
2026 |  | 1,315 |  |  | 147 |
2027 |  | 445 |  |  | 28 |
Total minimum lease payments |  | 4,277 |  |  | 997 |
Less: imputed interest |  | (541) |  |  | (149) |
Total lease liabilities |  | 3,736 |  |  | 848 |
Less: current portion |  | (976) |  |  | (490) |
Lease obligations, net of current portion |  | $ | 2,760 |  |  | $ | 358 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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