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Leases
 6 Months Ended
Jun. 30, 2024
Leases  
Leases

Note 13: 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 June 30, 2024 and December 31, 2023, the balance of the right of use assets was $700,000 and $697,000, respectively, and the corresponding operating lease liability balance was $722,000 and $718,000, respectively. Right of use assets are recorded net of accumulated amortization of $352,000 and $363,000 as of June 30, 2024 and December 31, 2023, respectively.

 

AIM recognized rent expense associated with these leases are follows:

 

   June 30, 2024   June 30, 2023 
   (in thousands) 
   June 30, 2024   June 30, 2023 
Lease costs:          
Operating lease costs  $150   $141 
Short-term and variable lease costs   124    201 
           
Total lease costs  $274   $342 
Classification of lease costs          
Research & development  $227   $295 
General and administrative   47    47 
           
Total lease costs  $274   $342 

 

 

The Company’s leases have remaining lease terms between 9 and 37 months. As of June 30, 2024, the weighted-average remaining term was 35 months. As of December 31, 2023, the weighted-average remaining term was 41 months. The Company’s weighted average incremental borrowing rate for its leases was 10% at June 30, 2024 and December 31, 2023.

 

Future minimum payments as of June 30, 2024, are as follows:

 

Year Ending December 31,

(in thousands)

    
2024  $153 
2025   273 
2026   244 
2027   159 
Thereafter   — 
Less imputed interest   (107)
Total  $722