Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Leases

The components of lease expense and supplemental cash flow information are as follows (in thousands):

	Three months ended March 31,
	2024		2023
Operating lease expense	$	784	$	869
Finance lease expense:
Amortization of assets	4		4
Interest on lease liabilities	—		1
Total finance lease expense	4		5
Short-term lease expense	259		41
Total lease expense	$	1,047	$	915
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,654	$	1,365
Operating cash flows from finance leases	13		10
Financing cash flows from finance leases	—		1

Maturities of lease liabilities as of March 31, 2024 are as follows (in thousands):

Years ending December 31,	Operating Leases		Finance Leases
2024 (excluding the three months ended March 31, 2024)	$	2,073	$	13
2025	2,046		—
2026	1,732		—
2027	1,660		—
2028	1,518		—
Thereafter	2,815		—
Total lease payments	$	11,844	$	13
Less: Interest	(2,640)		—
Present value of lease liabilities	$	9,204	$	13

Supplemental balance sheet information related to leases is as follows (in thousands):

	March 31, 2024			December 31, 2023
Operating Leases
Operating lease right-of-use assets	$	4,336		$	5,030
Current portion of operating lease liabilities	2,083			2,449
Long-term operating lease liabilities	7,121			7,676
Total operating lease liabilities	$	9,204		$	10,125
Finance Leases
Property and equipment	$	147		$	147
Accumulated depreciation	(74)			(70)
Property and equipment, net	$	73		$	77
Current portion of finance lease liabilities	$	13		$	22
Long-term finance lease liabilities	—			—
Total finance lease liabilities	$	13		$	22
Weighted Average Remaining Lease Term
Operating leases	5.6 years			5.5 years
Finance leases	0.3 years			0.6 years
Weighted Average Discount Rate
Operating leases	9.4		%	9.5		%
Finance leases	8.5		%	8.5		%

Sublease Income

On April 1, 2023, the Company entered into an agreement to sublease its office and lab space in Houston, Texas beginning September 1, 2023 and continuing until October 30, 2030. The rental income from the sublease is included in the Company’s statement of operations in Other income (expense), net, and offsets the monthly rental expense of $86 thousand from the Company’s lease of the facility from the landlord. Sublease rental income for future years are as follows (in thousands):

Years ending December 31,	Rental Income
2024 (excluding the three months ended March 31, 2024)	$	575
2025	767
2026	767
2027	767
2028	767
Thereafter	1,406
Total rental income	$	5,049

Leases

Leases

The components of lease expense and supplemental cash flow information are as follows (in thousands):

	Three months ended March 31,
	2024		2023
Operating lease expense	$	784	$	869
Finance lease expense:
Amortization of assets	4		4
Interest on lease liabilities	—		1
Total finance lease expense	4		5
Short-term lease expense	259		41
Total lease expense	$	1,047	$	915
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,654	$	1,365
Operating cash flows from finance leases	13		10
Financing cash flows from finance leases	—		1

Maturities of lease liabilities as of March 31, 2024 are as follows (in thousands):

Years ending December 31,	Operating Leases		Finance Leases
2024 (excluding the three months ended March 31, 2024)	$	2,073	$	13
2025	2,046		—
2026	1,732		—
2027	1,660		—
2028	1,518		—
Thereafter	2,815		—
Total lease payments	$	11,844	$	13
Less: Interest	(2,640)		—
Present value of lease liabilities	$	9,204	$	13

Supplemental balance sheet information related to leases is as follows (in thousands):

	March 31, 2024			December 31, 2023
Operating Leases
Operating lease right-of-use assets	$	4,336		$	5,030
Current portion of operating lease liabilities	2,083			2,449
Long-term operating lease liabilities	7,121			7,676
Total operating lease liabilities	$	9,204		$	10,125
Finance Leases
Property and equipment	$	147		$	147
Accumulated depreciation	(74)			(70)
Property and equipment, net	$	73		$	77
Current portion of finance lease liabilities	$	13		$	22
Long-term finance lease liabilities	—			—
Total finance lease liabilities	$	13		$	22
Weighted Average Remaining Lease Term
Operating leases	5.6 years			5.5 years
Finance leases	0.3 years			0.6 years
Weighted Average Discount Rate
Operating leases	9.4		%	9.5		%
Finance leases	8.5		%	8.5		%

Sublease Income

On April 1, 2023, the Company entered into an agreement to sublease its office and lab space in Houston, Texas beginning September 1, 2023 and continuing until October 30, 2030. The rental income from the sublease is included in the Company’s statement of operations in Other income (expense), net, and offsets the monthly rental expense of $86 thousand from the Company’s lease of the facility from the landlord. Sublease rental income for future years are as follows (in thousands):

Years ending December 31,	Rental Income
2024 (excluding the three months ended March 31, 2024)	$	575
2025	767
2026	767
2027	767
2028	767
Thereafter	1,406
Total rental income	$	5,049