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LEASES

12 Months Ended

Dec. 31, 2023

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 table below presents certain information related to the lease costs for the Company’s operating leases for the periods ended:

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2023			2022
Operating lease cost	​	$	276	​	$	262
Short-term lease cost	​		7	​	​	10
Variable lease cost	​		162	​	​	186
Total lease cost	​	$	445	​	$	458

​

The total lease cost is included in the consolidated statements of operations as follows:

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2023			2022
Research and development	​	$	419	​	$	430
Selling, general and administrative	​		26	​		28
Total lease cost	​	$	445	​	$	458

​

Right of use lease assets and lease liabilities for our operating leases were recorded in the consolidated balance sheets as follows:

​

​	​	​	​	​	​	​
​		December 31,		​	December 31,
(in thousands)		2023			2022
Assets	​	​			​
Right of use assets - Operating Leases	​	$	285	​	$	475
Total lease assets	​	$	285	​	$	475
​	​	​	​	​	​	​
Liabilities	​			​
Current liabilities:	​			​
Lease liability, current - Operating Leases	​	$	230	​	$	206
Noncurrent liabilities:	​			​		​
Lease liability, non-current - Operating Leases	​		19	​		239
Total lease liabilities	​	$	249	​	$	445

​

The Company had no right of use lease assets or lease liabilities for financing leases as of December 31, 2023 and 2022.

​

The table below presents certain information related to the cash flows for the Company’s operating leases for the periods ended:

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2023			2022
Operating cash outflows from operating leases	​	$	266	​	$	265
Supplemental non-cash amounts of operating lease liabilities arising from obtaining right of use assets	​	$	50	​	$	583

​

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:

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2023			2022
Weighted average remaining lease term (in years) – operating leases	​	​	1.31	​	​	2.19
Weighted average discount rate – operating leases	​		7.88	%		7.73%

​

Undiscounted operating lease liabilities as of December 31, 2023, by year and in the aggregate, having non-cancelable lease terms in excess of one year were as follows:

​

​	​	​	​
​	​	December 31,
(in thousands)	​	2023
2024	​	$	243
2025	​	​	20
Total undiscounted lease payments	​	​	263
Less imputed interest	​	​	(14)
Total net lease liabilities	​	$	249

​

X

- References

No definition available.

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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

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