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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | 5. Leases The Company’s headquarters are located in Boulder, Colorado, where it leases 14,790 square feet of office and lab facilities under operating leases that expire in December 2026 , with rights to extend for a 5 year period. In the Merger with Reneo, the Company assumed the lease in Irvine, California, where it leases office space under a lease agreement that expires in November 2026 (“Irvine lease”). In January 2025, the Company entered into a sublease agreement on the Irvine lease. See Note 16 for further discussion. Right-of-use assets and lease liabilities for operating leases as included in the Company’s financial statements are as follows (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
Operating lease right-of-use assets |  | $ | 770 |  |  | $ | 478 |
Current operating lease liabilities |  |  | 536 |  |  |  | 208 |
Noncurrent operating lease liabilities |  |  | 549 |  |  |  | 466 |
Total lease liabilities |  | $ | 1,085 |  |  | $ | 674 |
Lease expense for operating leases as included in the Company’s financial statements are as follows (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 236 |  |  | $ | 173 |
Variable lease expense |  |  | 187 |  |  |  | 201 |
Lease term, discount rates, and additional information for operating leases are as follows (in thousands):
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average remaining lease term – operating leases (years) |  |  | 1.87 |  |  |  | 2.92 |
Weighted-average discount rate – operating leases |  |  | 4.5 | % |  |  | 4.5 | %
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 315 |  |  | $ | 210 |
The aggregate maturities of the Company’s operating lease liabilities were as follows as of December 31, 2024 (in thousands):
2025 |  | $ | 571 |
2026 |  |  | 560 |
Total future minimum lease payments |  |  | 1,131 |
Less: imputed interest |  |  | (46 | )
Less: Current portion |  |  | (536 | )
Operating lease liability, net of current portion |  | $ | 549 |

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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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