Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.1
Leases
 3 Months Ended
Mar. 31, 2022
Leases  
Leases

Note 6. Leases

 

The Company leases its laboratory, research and administrative office space under various operating leases. In January 2022, the Company recorded a $1.2 million of ROU asset and related liability upon the signing of a new 5-year lease in San Diego, California.

 

The components of operating and finance lease expenses for the three-month periods ended March 31, are as follows:

 

    2022     2021  
Operating lease costs   $ 98     $ 107  
Finance lease costs:                
Depreciation of ROU assets     40       -  
Interest on lease liabilities     7       -  
Total finance lease cost     47       -  
Variable lease costs     -       -  
Short-term lease costs     -       -  
Total lease cost   $ 145     $ 107  

 

Amounts reported in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021 are as follows:

 

    2022     2021  
Operating leases:                
Operating lease ROU assets, net   $ 1,764     $ 673  
Operating lease current liabilities     241       174  
Operating lease long-term liabilities     1,540       516  
Total operating lease liabilities     1,781       690  
Finance leases:                
Equipment     477       477  
Accumulated depreciation     (79 )     (63 )
Finance leases, net     398       414  
Current installment obligations under finance leases     158       157  
Long-term portion of obligations under finance leases     258       293  
Total finance lease liabilities   $ 416     $ 450  

 

 

Other information related to leases from continuing operations for the three-month periods ended March 31, are as follows:

 

    2022     2021  
Supplemental cash flow information:                
Cash paid for amounts included in the measurement of lease liabilities:                
Operating cash flow from operating leases   $ 98     $ 117  
Financing cash flow from finance leases     34       -  
Weighted average remaining lease term:                
Operating leases     5.18 years       5.65 years  
Finance leases     2.5 years       -  
Weighted average discount rate:                
Operating leases     8.3 %     9.6 %
Finance leases     6.5 %     8.1 %

 

Annual payments of lease liabilities under noncancelable leases from continuing operations as of March 31, 2022 are as follows:

 

    Operating leases    

Finance

leases

  
Remainder of 2022   $ 303     $ 136  
2023     433     181  
2024     423     136  
2025     427     -  
2026     441     -  
2027     200     -  
Thereafter     -     -  
Total undiscounted lease payments     2,227     452  
Less: Imputed interest     (446 )   (36 )
Total lease liabilities   $ 1,781     $ 416