Quarterly report pursuant to Section 13 or 15(d)

Lease Agreement (Tables)

v3.24.1.u1
Lease Agreement (Tables)
3 Months Ended
Mar. 31, 2024
Lease Agreement  
Schedule of maturity of future rent payments associated with new lease

The following table summarizes maturity of the new lease through the 65-month term of the Company’s operating lease liabilities as of March 31, 2024 (in thousands):

Year

Rent Payments

2024 (excluding the three months ended March 31, 2024)

 

$

60

2025

 

85

2026

 

88

2027

91

2028

102

Thereafter

 

36

Total undiscounted lease payments

462

Present value adjustment

(88)

Total net lease liability

$

374

Schedule of cost components of operating leases

The following table summarizes the cost components of the Company’s operating leases for the three months ended March 31, 2024 and 2023 (in thousands):

    

Three Months Ended March 31, 

    

2024

    

2023

Lease costs:

Operating lease cost

$

22

 

$

48

Variable lease cost (1)

(2)

 

5

Total lease costs

$

20

$

53

(1) Under the terms of the original, amended and new lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. Variable lease payments include non-lease components such as common area maintenance fees. The negative balance for the period ended March 31, 2024 was due to the lessor’s reconciliation of variable lease costs from which a credit was due to the Company.

Summary of supplemental cash flow information related to operating leases

The following information represents supplemental disclosure for the condensed consolidated statements of cash flows related to operating leases (in thousands):

    

Three Months Ended March 31, 

    

2024

2023

Cash paid for amounts included in the measurement of lease liabilities

 

 

Operating cash flows under operating leases

$

23

$

52

Schedule of present value assumptions used in calculating the present value of lease payments

The following information represents supplemental disclosure for the condensed consolidated statements of cash flows related to operating leases (in thousands):

    

March 31, 

December 31, 

    

2024

2023

Weighted-average remaining lease term

5.08 years

5.33 years

Weighted-average discount rate

8.50

%

8.50

%