XML 25 R14.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2

LEASES

3 Months Ended

Mar. 31, 2024

LEASES

LEASES

6. LEASES

Operating leases

Menlo Park, California Office Lease

​

In April 2023, Combangio entered into a lease agreement with Menlo Prepi I, LLC, pursuant to which Combangio leases approximately 6,135 square feet of office, laboratory and research and development space in Menlo Park, California. The Company entered into a guaranty of lease agreement guarantying the obligations of Combangio under the lease agreement. The initial term of the lease is for 62 months which commenced on the lease commencement date of July 1, 2023, unless earlier terminated pursuant to the terms of the lease. The lease provides Combangio with an option to extend the lease for an additional five-year term. Combangio was required to make a payment in the amount of $144, as a security deposit pursuant to the lease during the year ended December 31, 2023, which is included in other long-term assets on the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. Upon the lease commencement, the Company recorded a right-of-use asset of $2,154 and corresponding $2,133 of lease liability.

As of March 31, 2024, the Company recognized $1,945 of right-of-use asset and a corresponding $2,060 of lease liability (current and non-current) by calculating the present value of lease payments, discounted at 13.1%, the Company’s estimated incremental borrowing rate, over the expected term of the lease. As of March 31, 2024, the remaining lease term on the lease was 4.4 years. Variable lease expense for the lease, includes real estate taxes, common area maintenance, and management fees.

The components of lease expenses and related cash flows were as follows:

​

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	March 31,
​		2024			2023
Lease cost		​			​
Operating lease cost	​	$	149	​	$	10
Short-term lease cost	​	​	8	​	​	20
Variable lease cost	​	​	60	​	​	6
Total lease cost	​	$	217	​	$	36
​	​	​	​	​	​	​
Operating cash outflows from operating leases	​	$	143	​	$	10

​

The weighted average remaining lease term and weighted average discount rate of operating leases were as follows:

​

​	​	​	​
​	March 31,	​	December 31,
​	2024	​	2023
Weighted average remaining lease term	4.4 years	​	4.7 years
Weighted average discount rate	13.1%	​	13.1%

​

As of March 31, 2024, the Company expects that its future minimum lease payments will become due and payable as follows:

​

​	​	​	​
Years Ending December 31,	​	​	​
2024 (remaining nine months)	​	$	438
2025	​	​	601
2026	​	​	622
2027	​	​	644
2028	​	​	440
Less: interest	​	​	(685)
Total	​	$	2,060

​

X

- References

No definition available.

+ Details

Name:	us-gaap_LesseeDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration