Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.24.1
LEASES (Tables)
12 Months Ended
Dec. 31, 2023
Leases  
SUMMARY OF OPERATING LEASE LIABILITIES

The following table provides a summary of the Company’s operating lease liabilities (in thousands):

 

    2023     2022  
    As of December 31,  
    2023     2022  
             
Current operating lease liability   $ 998     $ 1,773  
Non-current operating lease liability     4,402       5,854  
Total operating lease liability   $ 5,400     $ 7,627  
SCHEDULE OF COMPONENTS OF LEASE COST

Lease costs and rent are reflected in general and administrative expenses and research and development expenses in the consolidated statements of operations and comprehensive loss, as determined by the underlying activities. The following table provides a summary of the components of lease costs and rent (in thousands):

  

    2023     2022  
    For the year ended December 31,  
    2023     2022  
             
Operating lease cost   $ 1,389     $ 1,865  
Variable lease cost     358       434  
Short-term lease cost     63       79  
Total operating lease costs   $ 1,810     $ 2,378  
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES

Future minimum lease payments and obligations, which do not include short-term leases, related to the Company’s operating lease liabilities as of December 31, 2023 were as follows (in thousands):

  

Future minimum lease payments and obligations   Operating Leases  
       
2024   $ 998  
2025     1,555  
2026     791  
2027     807  
2028     823  
Thereafter     1,693  
Total undiscounted operating lease payments     6,667  
Less: imputed interest     1,267  
Present value of operating lease liabilities   $ 5,400  
SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE

 

    Operating  
Future cash receipts   Subleases  
       
2024   $ 634  
2025     485  
Total future cash receipts   $ 1,119