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Leases | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
Leases |
| 9. | Leases
The Company’s leases are for office and laboratory spaces, classified as operating leases, and laboratory equipment, classified as finance leases. On November 19, 2021, in connection with its laboratory and office space in Woburn, MA, the Company provided to the landlord a standby letter of credit in the amount of $131 (the “LOC”), which serves as security for the Company’s performance of its obligations under the lease and bears interest at a per annum rate of the U.S. prime rate plus 1%, with the minimum interest rate no less than 4.25%. The letter of credit is automatically extended without a written amendment for a period of one year, for each and every future expiration date, unless the Company elects not to extend this letter of credit through November 30, 2025. The components of lease expense were as follows as of and for the years ended December 31, 2024 and 2023:
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |
Operating lease costs |  | $ | 594 |  |  | $ | 594 |
Finance lease costs |  |  |  |  |  |  |  |
Amortization of ROU assets |  |  | 43 |  |  |  | 240 |
Interest on lease liabilities |  |  | 1 |  |  |  | 16 |
Total lease costs |  | $ | 638 |  |  | $ | 850 |
The total cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2024 and 2023 included the following:
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |
Operating cash flows from operating leases |  | $ | 566 |  |  | $ | 500 |
Financing cash flows from finance leases |  | $ | 130 |  |  | $ | 222 |
Lease term and discount rate were as follows:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average remaining lease term (in years) |  |  |  |  |  |  |  |
Operating leases |  |  | 0.73 |  |  |  | 1.73 |
Finance leases |  |  | 0.00 |  |  |  | 0.25 |
Weighted-average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 6.66 | % |  |  | 6.66 | %
Finance leases |  |  | 6.50 | % |  |  | 6.50 | %
The Company had the following future minimum payments due under its operating lease agreements as of December 31, 2024:
For the year ended December 31, |  | Operating Leases |
2025 |  | $ | 465 |
Total future minimum lease payments |  |  | 465 |
Less: amount representing interest |  |  | (9 | )
Present value of future minimum lease payments |  |  | 456 |
Less: current maturities |  |  | (456 | )
Obligations under lease liability, noncurrent |  | $ | - |
The Company had no future minimum payments due under finance lease agreements as of December 31, 2024.

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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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