XML 125 R19.htm IDEA: XBRL DOCUMENT v3.25.0.1
Leases
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
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.

 

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 

 

(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 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 December 31, 2023 and 2022, the balance of the right of use assets was $697,000 and $829,000, respectively, and the corresponding operating lease liability balance was $718,000 and $837,000, respectively. Right of use assets are recorded net of accumulated amortization of $363,000 and $158,000 as of December 31, 2023 and 2022, respectively. 

 

AIM recognized rent expense associated with these leases are follows:

     

    2023   2022 
    Year ended December 31, 
    (in thousands) 
    2023   2022 
Lease costs:           
Operating lease costs   $288   $128 
Short-term and variable lease costs    335    211 
            
Total lease costs   $623   $339 
            
Classification of lease costs           
Research & development   $498   $220 
General and administrative    125    119 
            
Total lease costs   $623   $339 

 

The Company’s leases have remaining lease terms between 3 and 44 months. As of December 31, 2023 and 2022, the weighted-average remaining term was 41 and 43 months, respectively.

 

The Company’s weighted average incremental borrowing rate for its leases was 10% as of December 31, 2023 and 2022, respectively.

 

Future minimum payments as of December 31, 2023, are as follows:

 

Year Ending December 31, (in thousands)    
2024  $279 
2025   229 
2026   200 
2027   133 
Thereafter   — 
Less imputed interest   (123)
Total  $718