Leases

12 Months Ended

Dec. 31, 2024

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