Altimmune Inc
For the period ended Dec 31, 2023. Filed Mar 27, 2024.
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FY2023 · Filed Mar 27, 2024
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5. Leases
- Leases
The Company’s operating leases consist of leases for office and laboratory space in the United States, which expire in April 2025. Rent expense under these leases during each of the years ended December 31, 2023 and 2022 was $0.5 million, which includes short-term leases and variable lease costs that are not included in the lease obligation.
Short-term leases are leases having a term of twelve months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases.
The office space lease provides for increases in future minimum annual rental payments as defined in the lease agreements. The office space lease also includes an option to renew the lease as of the end of the term. The Company has determined that the lease renewal option is not reasonably certain of being exercised.
The cash paid for operating lease liabilities for each of the years ended December 31, 2023 and 2022 was $0.5 million.
Supplemental balance sheet information related to the operating leases is as follows (in thousands):
| · · · · · · · | |||||
|---|---|---|---|---|---|
| · · December 31, | |||||
| · · 2023 · · 2022 | |||||
| Operating lease obligations (see Note 6 and 7) | $671 | $1,124 | | ||
| Operating lease right-of-use assets (included in "Other assets" in Balance Sheet) | | $363 | | $596 | |
| Weighted-average remaining lease term (years) | | 1.3 | | 2.3 | |
| Weighted-average discount rate | | 7.2% | 7.2% | ||
Maturities of operating lease liabilities are as follows (in thousands):
| · · · | ||
|---|---|---|
| Year ending December 31, · | ||
| 2024 | | $526 |
| 2025 | | 176 |
| Total operating lease payments | | 702 |
| Less: imputed interest | | (31) |
| Total operating lease liabilities (see Note 6 and 7) | | $671 |
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