Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

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LEASES (Tables)
9 Months Ended
Sep. 30, 2024
Leases  
SUMMARY OF OPERATING LEASE LIABILITIES

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

 

    September 30, 2024     December 31, 2023  
             
Current operating lease liability   $ 1,057     $ 998  
Non-current operating lease liability     3,402       4,402  
Total operating lease liability   $ 4,459     $ 5,400  
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):

 

    2024     2023     2024     2023  
    For the three months ended September 30,     For the nine months ended September 30,  
    2024     2023     2024     2023  
                         
Operating lease cost   $ 312     $ 340     $ 974     $ 1,048  
Variable lease cost     96       66       292       281  
Short-term lease cost     8       19       42       50  
Total operating lease costs   $ 416     $ 425     $ 1,308     $ 1,379  
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 September 30, 2024 were as follows (in thousands):

 

Future minimum lease payments and obligations   Operating Leases  
       
2024, remainder   $ 450  
2025     853  
2026     791  
2027     807  
2028     823  
Thereafter     1,693  
Total undiscounted operating lease payments     5,417  
Less: imputed interest     958  
Present value of operating lease liabilities   $ 4,459  
SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE

 

    Operating  
Future cash receipts   Subleases  
       
2024, remainder   $ 160  
2025     485  
Total future cash receipts   $ 645