Leases

6 Months Ended

Jun. 30, 2024

7. LEASES

The Company has the following operating leases:


Location	Primary Use	Lease Expiration Date	Renewal Option
Copenhagen, Denmark	Corporate headquarters	November 2024	None

The Company has no finance leases and has elected to apply the short-term lease exception to all leases of one year or less. Rent expense for the three and six months ended June 30, 2024 was $0.1 million and $0.2 million, respectively. Rent expense for the three and six months ended June 30, 2023 was $0.1 million and $0.3 million, respectively.

Quantitative information regarding the Company’s leases for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
Lease Cost	2024		2023		2024		2023
Operating lease cost (in thousands)	$	47	$	139	$	143	$	276
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands)	$	48	$	125	$	140	$	273
Operating lease liabilities arising from obtaining right-of-use assets (in thousands)	$	—	$	—	$	—	$	409

As of June 30, 2024 and December 31, 2023, the weighted average remaining lease term for operating leases was 0.4 years and 0.9 years, respectively.

As of June 30, 2024 and December 31, 2023, the weighted average discount rate for operating leases was 8% for both periods.

Operating lease liabilities at June 30, 2024 are as follows (in thousands):


	Operating
Future Lease Payments	Leases
2024 (excluding the period ended June 30, 2024)	$	80
2025		—
2026		—
2027		—
2028		—
Total lease payments		80
Less: imputed interest		(3	)
Total lease liabilities	$	77