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Leases

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024, the balance of the right of use assets was $554,000 and $618,000, respectively, and the corresponding operating lease liability balance was $572,000 and $634,000, respectively. Right of use assets are recorded net of accumulated amortization of $490,000 and $428,000 as of March 31, 2025 and December 31, 2024, respectively.

AIM recognized rent expense associated with these leases are follows:

	March 31, 2025		March 31, 2024
	(in thousands)
	March 31, 2025		March 31, 2024
Lease costs:
Operating lease costs	$	78	$	74
Short-term and variable lease costs		80		49

Total lease costs	$	158	$	123
Classification of lease costs
Research & development	$	108	$	101
General and administrative		50		22
Lease cost		50		22

Total lease costs	$	158	$	123

The Company’s leases have remaining lease terms between 6 and 29 months. As of March 31, 2025, the weighted-average remaining term was 28 months. At December 31, 2024, the weighted-average remaining term was 41 months. The Company’s weighted average incremental borrowing rate for its leases was 10% at March 31, 2025 and December 31, 2024.

Future minimum payments as of March 31, 2025, are as follows:

Year Ending December 31, (in thousands)

2025	$	215
2026		254
2027		159
Less imputed interest		(56	)
Total	$	572