Leases

12 Months Ended

Dec. 31, 2023

The Company leases space for its corporate offices and research and development facilities under non-cancellable operating leases. On September 1, 2023, the Company modified the terms of its existing lease for its office in Switzerland. The existing lease contract was originally scheduled to expire on June 15, 2024 and has been cancelled and replaced by the new lease. The new lease also includes a reduction in the amount of office space being occupied. The modified lease commenced on September 1, 2023 and expires November 30, 2028, and includes a renewal option for five additional years through November 2033. The Company is reasonably certain it will exercise the extension option and therefore has accounted for the modified lease as a ten-year lease term.

On January 30, 2023, the Company expanded the square footage of its existing lease related to its U.K. office. The lease commenced on January 30, 2023 and expires on January 27, 2031, and includes an option to terminate early on January 26, 2026. The Company is reasonably certain it will not terminate the lease early and therefore will account for the lease using an eight-year lease term.

During the third quarter of 2022, the Company extended the term of its existing lease related to its U.S. corporate offices in New Jersey for an additional two years commencing on December 1, 2022, including an extension option for three additional years. The Company is reasonably certain it will exercise the extension option and therefore has accounted for the lease using a five-year lease term.

Non-cash operating lease ROU assets obtained in exchange for operating lease obligations were $4.9 million and $1.2 million for the years ended December 31, 2023 and 2022, respectively.

Lease costs for the years ended December 31, 2023 and 2022 are $2,080 and $1,328, respectively.

The amount payable in 2023 under short-term leases (with an original term of under 12 months) is $3.

Maturities of lease liabilities are as follows:


Year ending December 31, 2024	$	1,955
Year ending December 31, 2025	1,939
Year ending December 31, 2026	1,976
Year ending December 31, 2027	1,991
Year ending December 31, 2028	1,794
Thereafter	3,999
Total lease payments	13,654
Less: imputed interest	2,007
Present value of lease liabilities	$	11,647

Other supplemental information related to leases is summarized below:


	As of December 31,
	2023		2022
Weighted average remaining lease term (years)	7.1		6.9

Weighted average discount rate	4.4	%	2.6	%