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Leases

12 Months Ended

Dec. 31, 2023

(11) Leases

The Company leases office and lab facilities and other equipment under non-cancellable operating leases with initial terms typically ranging from 1 to 5 years, expiring at various dates during 2024 through 2027, and requiring monthly payments ranging from less than $1,000 to $17,000. Certain leases include additional renewal options ranging from 1 to 5 years.

AIM has classified all of its leases as operating leases.

As of December 31, 2023 and 2022, the balance of the right of use assets was $697,000 and $829,000, respectively, and the corresponding operating lease liability balance was $718,000 and $837,000, respectively. Right of use assets are recorded net of accumulated amortization of $363,000 and $158,000 as of December 31, 2023 and 2022, respectively.

AIM recognized rent expense associated with these leases are follows:

	2023		2022
	Year ended December 31,
	(in thousands)
	2023		2022
Lease costs:
Operating lease costs	$	288	$	128
Short-term and variable lease costs		335		211

Total lease costs	$	623	$	339

Classification of lease costs
Research & development	$	498	$	220
General and administrative		125		119
Lease cost		125		119

Total lease costs	$	623	$	339

The Company’s leases have remaining lease terms between 3 and 44 months. As of December 31, 2023 and 2022, the weighted-average remaining term was 41 and 43 months, respectively.

The Company’s weighted average incremental borrowing rate for its leases was 10% as of December 31, 2023 and 2022, respectively.

Future minimum payments as of December 31, 2023, are as follows:

Year Ending December 31, (in thousands)
2024	$	279
2025		229
2026		200
2027		133
Thereafter		—
Less imputed interest		(123	)
Total	$	718