Leases

12 Months Ended

Dec. 31, 2023

. Leases

The Company has a single operating lease for its corporate headquarters and laboratory space in San Diego, California. The lease expires in July 2025 and the Company has an option to extend the term of the lease for an additional five years. Additionally, the lease includes certain rent abatement, rent escalations, tenant improvement allowances and additional charges for common area maintenance and other costs.

The components of lease expense included in the Company’s statements of operations and loss include (in thousands):


	Years ended December 31,
	2023		2022
Operating lease expense	$	1,043	$	1,043
Variable lease expense		544		460
Total lease expense, net	$	1,587	$	1,503

Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. The Company did not have any short-term leases or finance leases for the year ended December 31, 2023.

The weighted average remaining lease term and weighted average discount rate for operating leases were as follows:


	December 31,
	2023			2022
Weighted average remaining lease term (in years)		1.5			2.5
Weighted average discount rate percentage		3.50	%		3.50	%

Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands):


	Years ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of operating leases	$	1,500	$	1,555

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


Years ending December 31:	Operating lease
2024	$	1,685
2025		845
Thereafter		—
Total future lease payments		2,530
Less imputed interest		(70	)
Total operating lease liabilities	$	2,460