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LEASES | 9 Months Ended
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Sep. 30, 2024
LEASES |
LEASES | 6. LEASES The Company has operating leases consisting of office space, lab space and equipment with remaining lease terms of 1 to 3 years, subject to certain renewal options as applicable. The Company is not the lessor in any lease agreement, and no related party transactions for lease arrangements have occurred. The table below presents certain information related to the lease costs for the Company’s operating leases for the periods ended: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease cost | ​ | $ | 58 | ​ | $ | 70 | ​ | $ | 193 | ​ | $ | 209
Short-term lease cost | ​ |  | 5 | ​ |  | — | ​ |  | 11 | ​ |  | 7
Variable lease cost | ​ |  | — | ​ |  | 53 | ​ |  | — | ​ |  | 118
Total lease cost | ​ | $ | 63 | ​ | $ | 123 | ​ | $ | 204 | ​ | $ | 334
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ The total lease cost is included in the unaudited condensed consolidated statements of operations as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
(in thousands) | ​ | 2024 |  | 2023 |  | 2024 |  | 2023
Research and development | ​ | $ | 58 | ​ | $ | 113 | ​ | $ | 193 | ​ | $ | 312
Selling, general and administrative | ​ |  | 5 | ​ |  | 10 | ​ |  | 11 | ​ |  | 22
Total lease cost | ​ | $ | 63 | ​ | $ | 123 | ​ | $ | 204 | ​ | $ | 334
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Right of use lease assets and lease liabilities for the Company’s operating leases were recorded in the unaudited condensed consolidated balance sheet as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​ | December 31,
(in thousands) |  | 2024 |  | 2023
Assets | ​ | ​ |  |  | ​ |
Right of use assets - Operating Leases | ​ | $ | 197 | ​ | $ | 285
Total lease assets | ​ | $ | 197 | ​ | $ | 285
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ |  |  | ​ |  |
Current liabilities: | ​ |  |  | ​ |  |
Lease liability, current - Operating Leases | ​ | $ | 165 | ​ | $ | 230
Noncurrent liabilities: | ​ |  |  | ​ |  | ​
Lease liability, non-current - Operating Leases | ​ |  | 31 | ​ |  | 19
Total lease liabilities | ​ | $ | 196 | ​ | $ | 249
​ | ​ | ​ | ​ | ​ | ​ | ​
​ The Company had no right of use lease assets and lease liabilities for financing leases as of September 30, 2024 and December 31, 2023. The table below presents certain information related to the cash flows for the Company’s operating leases for the periods ended: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30,
(in thousands) | ​ | 2024 |  | 2023
Operating cash outflows from operating leases | ​ | $ | 166 | ​ | $ | 201
Supplemental non-cash amounts of operating lease liabilities arising from obtaining right of use assets | ​ | $ | 82 | ​ | $ | 50
​ | ​ | ​ | ​ | ​ | ​ | ​
​ The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases as of the period ended: ​
​ | ​ | ​ | ​
​ | ​ | September 30,
​ | ​ | 2024
Weighted average remaining lease term (in years) – operating leases | ​ | ​ | 1.21
Weighted average discount rate – operating leases | ​ | ​ | 9.39%
​ Remaining maturities of the Company’s operating leases, excluding short-term leases, are as follows: ​
​ | ​ | ​ | ​
​ | ​ | September 30,
(in thousands) | ​ | 2024
2024 | ​ | $ | 123
2025 | ​ | ​ | 55
2026 | ​ | ​ | 23
2027 | ​ | ​ | 5
Total undiscounted lease payments | ​ | ​ | 206
Less imputed interest | ​ | ​ | (10)
Total net lease liabilities | ​ | $ | 196
​ | ​ | ​ | ​
​

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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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