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Leases
 12 Months Ended
Dec. 31, 2024
Leases  
Leases

(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 2025 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 December 31, 2024 and December 31, 2023, the balance of the right of use assets was $618,000 and $697,000, respectively, and the corresponding operating lease liability balance was $634,000 and $718,000, respectively. Right of use assets are recorded net of accumulated amortization of $428,000 and $363,000 as of December 31, 2024 and December 31, 2023, respectively.

 

 

AIM recognized rent expense associated with these leases are follows:

     

   2024   2023 
   Year ended December 31, 
   (in thousands) 
   2024   2023 
Lease costs:          
Operating lease costs  $304   $288 
Short-term and variable lease costs   283    335 
           
Total lease costs  $587   $623 
Classification of lease costs          
Research & development  $446   $498 
General and administrative   141    125 
           
Total lease costs  $587   $623 

 

The Company’s leases have remaining lease terms between 3 and 31 months. At December 31, 2024, the weighted-average remaining term was 29 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 10.3% at December 31, 2024 and 10% at December 31, 2023.

 

Future minimum payments as of December 31, 2024, are as follows:

 

Year Ending December 31, (in thousands)    
2025  $293 
2026   254 
2027   159 
2028   — 
Thereafter   — 
Less imputed interest   (72)
Total  $634