RIGHT-OF-USE ("ROU") ASSETS AND LEASES LIABILITIES |
9 Months Ended |
---|---|
Sep. 30, 2024 | |
Leases [Abstract] | |
RIGHT-OF-USE ("ROU") ASSETS AND LEASES LIABILITIES | 7. RIGHT-OF-USE (“ROU”) ASSETS AND LEASES LIABILITIES
The Company has operating leases for its corporate offices, including its Palo Alto, California lease agreement which expires on April 30, 2025. As of September 30, 2024, the Palo Alto, California lease had an operating lease ROU assets of $105, current lease liabilities of $113, which are included in the Company's condensed consolidated balance sheets in , .
The weighted-average remaining lease term associated with the measurement of the Company's operating lease obligations is 7 months and the weighted-average discount rate is 7.9%.
The Company recorded short-term operating lease cost during the three and nine months ended September 30, 2024 of $45 and $134, respectively. Cash paid for operating lease during the three and nine months ended September 30, 2024 was $50 and $147, respectively.
Future minimum commitments due under the lease agreement as of September 30, 2024 are $50 for the remainder of 2024 and $66 thereafter.
On March 1, 2024, the Company entered into a lease agreement for approximately 10,000 square feet of warehouse space in Guilford, Connecticut. The lease term is 12 months beginning March 1, 2024, and includes an option to renew for an additional one-year term at the then prevailing rental rate. The exercise of the lease renewal option is at the Company’s sole discretion. The Company applied the practical expedient, which allows entities with leases of 12 months or shorter to not recognize ROU assets and lease liabilities for short-term leases. Future minimum commitments due under the lease agreement as of September 30, 2024 are $17 for the remainder of 2024 and $12 thereafter. |