Leases

12 Months Ended

Dec. 31, 2024

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