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Leases
 12 Months Ended
Dec. 31, 2024
Leases  
Leases

5. Leases

 

During the year ended December 31, 2024, we entered into an operating lease for laboratory space. The remaining lease terms for our operating lease is approximately two years and does not provide a renewal option. We apply the short-term lease policy election, which allows us to exclude from recognition leases with an original term of 12 months or less.

 

Upon commencement of the laboratory lease on March 7, 2024, the Company recorded a right-of-use asset of $0.4 million, short-term lease liability of $0.2 million, and long-term lease liability of $0.2 million.

 

Lease costs associated the Company’s operating and short-term leases are recorded within general and administrative expense in the consolidated statement of operations and comprehensive income (loss). The following table sets forth information about our lease costs for the year ended December 31, 2024 (in thousands):

 

 

Lease Cost  December 31,
2024		 
Operating lease cost  $116 
Short-term lease cost   128 
Variable lease cost   15 
Total lease cost  $259 

 

The following table sets forth information about our operating lease for the year ended December 31, 2024 (in thousands):

 

Supplemental cash flow and other information  December 31,
2024		 
Cash paid for amounts included in the measurement of lease liabilities:     
Operating cash flows from operating leases  $143 
ROU assets obtained in the exchange for lease liabilities  $352 
Weighted-average remaining lease term (in years)   2.0 
Weighted-average discount rate   11.2%

 

The Company’s future minimum lease payments for our operating lease as of the year ended December 31, 2024, are as follows (in thousands):

 

   December 31,
2024		 
Year ending December 31,     
2025  $140 
2026   113 
Total   253 
Less: imputed interest   (27)
Total lease liability  $226