Leases

12 Months Ended

Dec. 31, 2023

Operating Leases

The Company leases certain office space, laboratory facilities, and equipment. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease. These optional periods have not been considered in the determination of the ROU assets or lease liabilities associated with these leases as the Company did not consider it reasonably certain it would exercise the options. The Company performed evaluations of its contracts and determined it has operating leases.

The following table summarizes the Company’s recognition of its operating leases (in thousands):


	December 31,
Balance Sheet Classification	2023		2022
Other assets	$	2,271	$	2,635

Accrued expenses and other current liabilities	$	796	$	701
Non-current operating lease liabilities	3,406		4,202
Total liabilities	$	4,202	$	4,903

The following table summarizes the weighted-average remaining lease term and discount rates for the Company’s operating leases:


	December 31,
	2023		2022
Lease term (years)	4.5		5.5
Discount rate	8.6	%	8.6	%

The Company incurred rent expense for its operating leases of $0.8 million for the years ended December 31, 2023 and 2022, respectively, which is included within operating expenses in the statements of operations and comprehensive loss. Cash paid for amounts included in the measurement of operating lease liabilities for the year ended December 31, 2023 and 2022 was $1.0 million and was included in net cash used in operating activities in the statement of cash flows.

The maturities of the Company’s operating lease liabilities as of December 31, 2023 were as follows (in thousands):


2024	$	1,120
2025	1,152
2026	1,093
2027	848
2028	873
Thereafter	—
Total lease payments	$	5,086
Less:
Imputed interest	(884)
Total	$	4,202