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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | 4. Leases As a lessee, the Company’s current lease includes its master facility lease which is considered an operating lease. Master Facility Lease The Company currently leases office and lab space in San Diego that expires on February 28, 2027. The lease currently requires monthly payments of approximately $65,000 per month with 3% annual escalation. The components of lease expense were as follows:
(in thousands) |  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 667 |  |  | $ | 714 |
Net operating lease cost |  | $ | 667 |  |  | $ | 714 |
Supplemental balance sheet information related to leases was as follows:
(in thousands) |  | As of December 31,2024 |  |  | As of December 31,2023 |
Operating lease ROU assets |  | $ | 1,169 |  |  | $ | 1,708 |
Current operating lease liabilities |  | $ | 710 |  |  | $ | 691 |
Non-current operating lease liabilities |  |  | 813 |  |  |  | 1,458 |
Total operating lease liabilities |  | $ | 1,523 |  |  | $ | 2,149 |
Weighted-average remaining lease term–operating leases |  | 2.2 years |  |  | 3.2 years |
Weighted-average discount rate–operating leases |  |  | 7 | % |  |  | 7 | %
Supplemental cash flow and other information related to leases was as follows:
(in thousands) |  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Cash paid included in operating cash flows |  | $ | 756 |  |  | $ | 737 |
Total remaining annual commitments under non-cancelable operating lease agreements as of December 31, 2024, are summarized are as follows:
(in thousands) |  |  |
Year Ending December 31, |  | Operating Leases |
2025 |  | $ | 710 |
2026 |  |  | 796 |
2027 |  |  | 136 |
Thereafter |  |  | — |
Total future minimum lease payments |  | $ | 1,642 |
Less imputed interest |  |  | (119 | )
Total |  | $ | 1,523 |

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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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