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Leases
 12 Months Ended
Dec. 31, 2024
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 sublease which commenced in October 2021 and expires in April 2027. Monthly base rent under the sublease agreement is $72,143. 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 BalanceClassification20242023
Lease Assets
OperatingOperating lease right-of-use assets$2,401 $3,286 
FinanceProperty and equipment, net$486 $810 
Lease Liabilities
Current
OperatingOperating lease liabilities$1,096 $976 
FinanceAccrued and other current liabilities$201 $490 
Non-current
OperatingNon-current operating lease liabilities$1,664 $2,760 
FinanceOther non-current liabilities$157 $358 
Costs associated with the Company's leases were included in the statements of operations as follows (in thousands):
Year Ended December 31,
Lease Cost20242023
Operating leases
Operating lease cost(1)
$1,345 $1,463 
Finance lease cost
Amortization of lease assets280 556
Interest on finance lease liabilities84 128
Total lease cost$1,709 $2,147 
(1) Includes variable lease cost of $196,000 and $129,000 for the years ended December 31, 2024 and 2023, 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 liabilities20242023
Operating cash out flows from operating leases$1,240 $1,405 
Operating cash out flows from interest paid on finance leases$84 $128 
Financing cash out flows from finance leases$490 $697 
Information regarding the weighted-average lease term and weighted average discount rate are as follows:
Year Ended December 31,
20242023
Weighted-average remaining lease term (years)
Operating leases2.33.3
Finance leases1.762.06
Weighted-average discount rate
Operating leases8.0 %8.0 %
Finance leases17.3 %12.2 %
Future payments under operating and finance leases as of December 31, 2024 are as follows (in thousands):
Operating LeasesFinance Leases
2025$1,277 $248 
20261,315 147 
2027445 28 
Total minimum lease payments3,037 423 
Less: imputed interest(277)(65)
Total lease liabilities2,760 358 
Less: current portion(1,096)(201)
Lease obligations, net of current portion$1,664 $157 
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 sublease which commenced in October 2021 and expires in April 2027. Monthly base rent under the sublease agreement is $72,143. 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 BalanceClassification20242023
Lease Assets
OperatingOperating lease right-of-use assets$2,401 $3,286 
FinanceProperty and equipment, net$486 $810 
Lease Liabilities
Current
OperatingOperating lease liabilities$1,096 $976 
FinanceAccrued and other current liabilities$201 $490 
Non-current
OperatingNon-current operating lease liabilities$1,664 $2,760 
FinanceOther non-current liabilities$157 $358 
Costs associated with the Company's leases were included in the statements of operations as follows (in thousands):
Year Ended December 31,
Lease Cost20242023
Operating leases
Operating lease cost(1)
$1,345 $1,463 
Finance lease cost
Amortization of lease assets280 556
Interest on finance lease liabilities84 128
Total lease cost$1,709 $2,147 
(1) Includes variable lease cost of $196,000 and $129,000 for the years ended December 31, 2024 and 2023, 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 liabilities20242023
Operating cash out flows from operating leases$1,240 $1,405 
Operating cash out flows from interest paid on finance leases$84 $128 
Financing cash out flows from finance leases$490 $697 
Information regarding the weighted-average lease term and weighted average discount rate are as follows:
Year Ended December 31,
20242023
Weighted-average remaining lease term (years)
Operating leases2.33.3
Finance leases1.762.06
Weighted-average discount rate
Operating leases8.0 %8.0 %
Finance leases17.3 %12.2 %
Future payments under operating and finance leases as of December 31, 2024 are as follows (in thousands):
Operating LeasesFinance Leases
2025$1,277 $248 
20261,315 147 
2027445 28 
Total minimum lease payments3,037 423 
Less: imputed interest(277)(65)
Total lease liabilities2,760 358 
Less: current portion(1,096)(201)
Lease obligations, net of current portion$1,664 $157