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Leases

9 Months Ended

Sep. 30, 2024

5. Leases

The Company has an operating lease for real estate in the United States and does not have any finance leases. The Company’s leases may contain options to renew and extend lease terms and options to terminate leases early. Reflected in the right-of-use asset and lease liability on the Company’s consolidated balance sheets are the periods provided by renewal and extension options that the Company is reasonably certain to exercise, as well as the periods provided by termination options that the Company is reasonably certain to not exercise.

The Company’s existing lease expires in July 2025 and includes variable lease and non-lease components that are not included in the right-of-use asset and lease liability and are reflected as an expense in the period incurred. Such payments primarily include common area maintenance charges.

In calculating the present value of future lease payments, the Company utilized its incremental borrowing rate based on the lease term. The Company has an existing net lease in which the non-lease components (e.g. common area maintenance, maintenance, consumables, etc.) are paid separately from rent based on actual costs incurred and therefore are not included in the right-of-use asset and lease liability and are reflected as an expense in the period incurred. During the nine months ended September 30, 2024, the Company extended the term of its operating lease to July 31, 2025 and recorded an additional right-of-use asset and lease liability of $420. As of September 30, 2024, a right-of-use asset of $370 and lease liability of $376 are reflected on the condensed consolidated balance sheet. The Company recorded rent expense of $115 and $113, respectively, during the three months ended September 30, 2024 and 2023, and $340 and $341, respectively, during the nine months ended September 30, 2024 and 2023. Cash paid for amounts included in the measurement of lease liabilities was $346 and $339, respectively, during the three months ended September 30, 2024 and 2023, and $117 and $113, respectively, during the nine months ended September 30, 2024 and 2023.

Future lease payments under non-cancelable operating leases as of September 30, 2024 are detailed as follows:


Future Operating Lease Payments
2024		117
2025		273
Total Lease Payments		390
Less: imputed interest		(14)
Total operating lease liabilities	$	376