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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Leases The Company leases certain office space and laboratory facilities. The Company’s lease agreements typically do not contain any significant guarantees of asset values at the end of a lease, renewal options or restrictive covenants. Pursuant to ASC 842, Leases, all leases are classified as operating leases. Total operating lease costs and variable lease costs for the years ended December 31, 2024 and 2023 were $3,641 and $2,702 and $3,703 and $3,205, respectively. Cash paid for amounts included in the measurement of operating lease liabilities for the years ended December 31, 2024 and 2023 was $1,058 and $1,857, respectively. As of December 31, 2024, lease payments for operating leases for the Company’s office facility and laboratories was as follows (in thousands):
Year ending December 31, |
2025 | $ | (76) |
2026 | 99 |
2027 | 4,646 |
2028 | 4,612 |
2029 | 4,715 |
Thereafter | 36,913 |
Total future lease payments | $ | 50,909 |
Less: imputed interest | 20,132 |
Total lease liabilities | $ | 30,777 |
The following is a summary of weighted average remaining lease term and discount rate for all of the Company’s operating leases:
| Years Ended December 31,
| 2024 |  | 2023
Weighted average remaining lease term (years) | 12.0 |  | 12.7
Weighted average discount rate | 7.50 | % |  | 7.50 | %
Lessor accounting In May 2020, the Company executed an agreement to lease certain land to a subsidiary of LanzaJet for a period of 10 years with an option to renew this lease for five additional periods of one year with minimum annual rent due. This agreement is accounted for as an operating lease. Through August 2024, the lease was amended three times to modify the scope of the renting areas, increase the annual rent and increase the term from 10 years to 12 years with an option to renew this lease for thirteen additional periods of one year. The Company recognizes lease revenue on a straight-line basis over the life of the lease agreement. For the year ended December 31, 2024, we recognized $155 of revenue included in revenue from related party transactions in the consolidated statements of operations. The future minimum lease payments owed to the Company from the lease agreement at December 31, 2024, was as follows (in thousands):
Year ending December 31, |  |
2025 |  | $ | 155 |
2026 |  | 155 |
2027 |  | 155 |
2028 |  | 155 |
2029 |  | 155 |
Thereafter |  | 932 |
Total |  | $ | 1,707 |
Leases | Leases The Company leases certain office space and laboratory facilities. The Company’s lease agreements typically do not contain any significant guarantees of asset values at the end of a lease, renewal options or restrictive covenants. Pursuant to ASC 842, Leases, all leases are classified as operating leases. Total operating lease costs and variable lease costs for the years ended December 31, 2024 and 2023 were $3,641 and $2,702 and $3,703 and $3,205, respectively. Cash paid for amounts included in the measurement of operating lease liabilities for the years ended December 31, 2024 and 2023 was $1,058 and $1,857, respectively. As of December 31, 2024, lease payments for operating leases for the Company’s office facility and laboratories was as follows (in thousands):
Year ending December 31, |
2025 | $ | (76) |
2026 | 99 |
2027 | 4,646 |
2028 | 4,612 |
2029 | 4,715 |
Thereafter | 36,913 |
Total future lease payments | $ | 50,909 |
Less: imputed interest | 20,132 |
Total lease liabilities | $ | 30,777 |
The following is a summary of weighted average remaining lease term and discount rate for all of the Company’s operating leases:
| Years Ended December 31,
| 2024 |  | 2023
Weighted average remaining lease term (years) | 12.0 |  | 12.7
Weighted average discount rate | 7.50 | % |  | 7.50 | %
Lessor accounting In May 2020, the Company executed an agreement to lease certain land to a subsidiary of LanzaJet for a period of 10 years with an option to renew this lease for five additional periods of one year with minimum annual rent due. This agreement is accounted for as an operating lease. Through August 2024, the lease was amended three times to modify the scope of the renting areas, increase the annual rent and increase the term from 10 years to 12 years with an option to renew this lease for thirteen additional periods of one year. The Company recognizes lease revenue on a straight-line basis over the life of the lease agreement. For the year ended December 31, 2024, we recognized $155 of revenue included in revenue from related party transactions in the consolidated statements of operations. The future minimum lease payments owed to the Company from the lease agreement at December 31, 2024, was as follows (in thousands):
Year ending December 31, |  |
2025 |  | $ | 155 |
2026 |  | 155 |
2027 |  | 155 |
2028 |  | 155 |
2029 |  | 155 |
Thereafter |  | 932 |
Total |  | $ | 1,707 |

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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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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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