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LEASES

9 Months Ended

Sep. 30, 2024

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:

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

September 30,

(in thousands)

Operating cash outflows from operating leases

Supplemental non-cash amounts of operating lease liabilities arising from obtaining right of use assets