Leases

12 Months Ended

Dec. 31, 2023

7. Leases

The Company’s leases relate primarily to office and laboratory facilities located in La Jolla, California and previously in South San Francisco, California. The Company’s lease of office space in South San Francisco expired in February 2023 and the Company did not renew that lease. The Company’s lease of laboratory space in La Jolla expires in 2025, and the Company's leases of office space in La Jolla expire in 2027. The terms of the Company’s non-cancelable operating lease arrangements typically contain fixed lease payments which increase over the term of the lease at fixed rates and include rent holidays and provide for additional renewal periods. Lease expense is recognized over the term of the lease on a straight-line basis. All of the Company’s leases are classified as operating leases. The Company has determined that periods covered by options to extend the Company’s leases are excluded from the lease term as the Company is not reasonably certain the Company will exercise such options. Operating lease expense, including expenses related to short-term leases, were $0.5 million and $0.6 million for the years ended December 31, 2023 and 2022, respectively.

The Company records its right-of-use-assets within other assets (long term) and its operating lease liabilities within other current and long-term liabilities.

Additional information related to the Company’s leases as of and for the year ended December 31, 2023, is as follows (in thousands, except lease term and discount rate):


	December 31, 2023
Balance sheet information
Right-of-use assets	$	796
Lease liabilities, current	$	440
Lease liabilities, non-current		384
Total lease liabilities	$	824
Other information
Weighted average remaining lease term	2.28 years
Weighted average discount rate		8.25	%
Supplemental cash flow information
Operating cash outflows from operating leases	$	499
Right-of-use assets obtained in exchange for lease obligations	$	—

Maturities of lease liabilities as of December 31, 2023, were as follows (in thousands):


Year ending December 31,
2024	$	492
2025		219
2026		169
2027		28
Total undiscounted lease payments		908
Less: imputed interest		(84	)
Total lease liabilities	$	824

As of December 31, 2023, the Company does not have any leases that have not yet commenced that create significant rights and obligations.