Note 10 - Lease Obligations

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 10 — Lease Obligations

The Company leases certain assets under operating leases, which primarily consisted of real estate leases, laboratory equipment leases and office equipment leases as of December 31, 2021. Renewal options for our leases range from 1 to 5 years in length and begin from 2023 through 2026. The weighted average lease term for the Company’s operating leases was 9.2 years. The weighted average discount rate for the Company’s operating leases was 11.2%.

Aggregate lease expense under operating leases was $1,795 and $1,754 for the years ended December 31, 2021 and 2020, respectively.

All of the Company’s leases qualify as operating leases. The following table summarizes the presentation in the consolidated balance sheets of the Company’s operating leases:

	Balance Sheet Location	2021		2020
Assets:
Operating lease assets, net	Other Assets	$	6,472	$	3,802
Liabilities:
Current operating lease liabilities	Lease financing obligation – current liabilities	$	1,819	$	1,179
Non-current operating lease liabilities	Lease financing obligation – long-term liabilities		5,962		3,871
Total operating lease liabilities		$	7,781	$	5,050

Operating lease assets are recorded net of accumulated amortization of $2,626 and $2,641 as of December 31, 2021 and 2020, respectively. Cash paid for amounts included in the measurement of lease liabilities was $1,615 and $1,696 for the years ended December 31, 2021 and 2020, respectively.

Maturities of operating lease liabilities as of December 31, 2021, are as follows (in thousands):

2022	$	2,099
2023		1,870
2024		1,321
2025		1,060
2026		593
Thereafter		6,734
Total lease payments		13,677
Less imputed interest		(5,896	)
Total	$	7,781