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Leases

12 Months Ended

Dec. 31, 2024

Note 8 — Leases

During the year ended December 31, 2024, the Company entered into additional lease agreements that have commenced and are classified as operating leases, including in June 2024, the Company exercised a renewal option to extend the lease term on its central laboratory in California for an additional three years, through December 31, 2027. The aggregate (undiscounted) rent payments are approximately $2.6 million over the extended lease term.

The components of lease expense were as follows:

Schedule of Components of Lease Expense


	Year Ended December 31,
	2024		2023
Operating lease cost	$	1,168	$	1,214
Short-term lease cost		74		87
Variable lease cost		62		58
Total lease cost	$	1,304	$	1,359

Note 8 — Leases- continued

The Company’s future lease payments as of December 31, 2024, which are presented as operating lease liabilities, current portion and operating lease liabilities, less current portion on the Company’s consolidated balance sheets are as follows:


2025	$	1,025
2026		979
2027		940
2028		19
2029		—
Total lease payments	$	2,963
Less: imputed interest		(309	)
Present value of lease liabilities	$	2,654

Supplemental disclosure of cash flow information related to the Company’s cash and non-cash activities with its leases are as follows:


	Years Ended December 31,
	2024			2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,148		$	1,207
Non-cash investing and financing activities
Right-of-use assets obtained in exchange for new operating lease liabilities	$	2,347		$	380
Weighted-average remaining lease term - operating leases (in years)		2.95			1.39
Weighted-average discount rate - operating leases		7.875	%		7.875	%

As of December 31, 2024 and December 31, 2023, the Company’s right-of-use assets from operating leases were $2,637 and $1,307, respectively, which are reported in operating lease right-of-use assets in the consolidated balance sheets. As of December 31, 2024 and December 31, 2023, the Company had outstanding operating lease obligations of $2,654 and $1,305, respectively, of which $854 and $1,106, respectively, are reported in operating lease liabilities, current portion and $1,800 and $199, respectively, are reported in operating lease liabilities less current portion in the Company’s consolidated balance sheets. The Company calculates its incremental borrowing rates for specific lease terms, used to discount future lease payments, as a function of the financing terms the Company would likely receive on the open market.