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Leases
 9 Months Ended
Sep. 30, 2025
Leases  
Leases

Note 10: 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, 2025 and December 31, 2024, the balance of the right of use assets was $436,000 and $618,000, respectively, and the corresponding operating lease liability balance was $458,000 and $634,000, respectively. Right of use assets are recorded net of accumulated amortization of $567,000 and $428,000 as of September 30, 2025 and December 31, 2024, respectively.

 

AIM recognized rent expense associated with these leases are follows:

 

   September 30, 2025   September 30, 2024 
   (in thousands) 
   September 30, 2025   September 30, 2024 
Lease costs:        
Operating lease costs  $223   $226 
Short-term and variable lease costs   218    205 
           
Total lease costs  $441   $431 
Classification of lease costs          
Research & development  $310   $358 
General and administrative   131    73 
           
Total lease costs  $441   $431 

 

The Company’s leases have remaining lease terms between 8 and 23 months. At September 30, 2025, the weighted-average remaining term was 22 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 September 30, 2025 and 10% at December 31, 2024.

 

Future minimum payments as of September 30, 2025, are as follows:

 

Year Ending December 31, (in thousands)    
2025  $71 
2026   258 
2027   159 
      
Thereafter   — 
Less imputed interest   (30)
Total  $458