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Leases

12 Months Ended

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

X

- References

No definition available.

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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

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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

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