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Leases

9 Months Ended

Sep. 30, 2024

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.

At September 30, 2024 and December 31, 2023, the balance of the right of use assets was $653,000 and $697,000, respectively, and the corresponding operating lease liability balance was $669,000 and $718,000, respectively. Right of use assets are recorded net of accumulated amortization of $404,000 and $363,000 as of September 30, 2024 and December 31, 2023, respectively.

AIM recognized rent expense associated with these leases are follows:

	September 30, 2024		September 30, 2023
	(in thousands)
	September 30, 2024		September 30, 2023
Lease costs:
Operating lease costs	$	226	$	214
Short-term and variable lease costs		205		253

Total lease costs	$	431	$	467
Classification of lease costs
Research & development	$	358	$	400
General and administrative		73		67

Total lease costs	$	431	$	467

The Company’s leases have remaining lease terms between 6 and 35 months. At September 30, 2024, the weighted-average remaining term was 32 months. At December 31, 2023, the weighted-average remaining term was 41 months. The Company’s weighted average incremental borrowing rate for its leases was 10.2% at September 30, 2024 and 10% at December 31, 2023.

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

Year Ending December 31, (in thousands)
2024	$	78
2025		276
2026		244
2027		159
Thereafter		—
Less imputed interest		(88	)
Total	$	669