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LEASES
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASES LEASES
Office Lease
On September 11, 2023, the Company entered into a lease for office space in Newton, Massachusetts, with a lease term of approximately 38 months beginning October 20, 2023, and which expires on December 31, 2026.
During 2022, the Company entered into two leases for office space in the same building in Charlottesville, Virginia that both expired in December 2023. Upon the lease expiration, in accordance with the lease terms, the Company began leasing the office space on a month-to-month basis and included these costs in short-term lease rent expense for the three and six months ended June 30, 2024.
Computer Equipment Lease
The Company has a finance lease, which was effective in October 2023, for certain computer equipment for its ALTITUDE-AD clinical trial. The equipment will be returned to the vendor at the completion of the vendor’s services under the agreement. Upon lease commencement, the Company recorded non-cash expense in research and development expense in the statement of operations and comprehensive loss for the right-of-use assets related to the computer equipment lease as the equipment is being used for research and development and does not have an alternative future use to the Company. In January 2024, the Company paid $0.8 million for the leased equipment and related interest, and has no further payments due for the computer equipment under the finance lease.
The following table summarizes quantitative information about the Company’s leases (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Finance lease
Interest lease cost$— $— $6 $— 
Finance lease expense— — 6 — 
Operating leases
Operating lease cost37 40 74 80 
Variable lease cost1 — 2 — 
Less: sublease income— (4)— (7)
Operating lease expense38 36 76 73 
Short-term lease rent expense18 1 36 2 
Total rent expense$56 $37 $118 $75 
Supplemental information related to leases was as follows (dollar amounts in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Finance cash flows from finance leases$— $— $739 $— 
Operating cash flows from finance lease$— $— $23 $— 
Operating cash flows from operating leases$38 $40 $68 $80 
Weighted-average remaining lease term – finance leases (in years)3.3— 3.3— 
Weighted-average remaining lease term – operating leases (in years)2.50.22.50.2
Weighted-average discount rate – operating leases9.7 %10.0 %9.7 %10.0 %
As of June 30, 2024, the present value of maturities of the Company’s operating lease liabilities were as follows (in thousands):
Six months ended December 31, 2024$75 
Year ended December 31, 2025155 
Year ended December 31, 2026158 
Total388 
Less: present value discount(44)
Operating lease liability$344 
LEASES LEASES
Office Lease
On September 11, 2023, the Company entered into a lease for office space in Newton, Massachusetts, with a lease term of approximately 38 months beginning October 20, 2023, and which expires on December 31, 2026.
During 2022, the Company entered into two leases for office space in the same building in Charlottesville, Virginia that both expired in December 2023. Upon the lease expiration, in accordance with the lease terms, the Company began leasing the office space on a month-to-month basis and included these costs in short-term lease rent expense for the three and six months ended June 30, 2024.
Computer Equipment Lease
The Company has a finance lease, which was effective in October 2023, for certain computer equipment for its ALTITUDE-AD clinical trial. The equipment will be returned to the vendor at the completion of the vendor’s services under the agreement. Upon lease commencement, the Company recorded non-cash expense in research and development expense in the statement of operations and comprehensive loss for the right-of-use assets related to the computer equipment lease as the equipment is being used for research and development and does not have an alternative future use to the Company. In January 2024, the Company paid $0.8 million for the leased equipment and related interest, and has no further payments due for the computer equipment under the finance lease.
The following table summarizes quantitative information about the Company’s leases (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Finance lease
Interest lease cost$— $— $6 $— 
Finance lease expense— — 6 — 
Operating leases
Operating lease cost37 40 74 80 
Variable lease cost1 — 2 — 
Less: sublease income— (4)— (7)
Operating lease expense38 36 76 73 
Short-term lease rent expense18 1 36 2 
Total rent expense$56 $37 $118 $75 
Supplemental information related to leases was as follows (dollar amounts in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Finance cash flows from finance leases$— $— $739 $— 
Operating cash flows from finance lease$— $— $23 $— 
Operating cash flows from operating leases$38 $40 $68 $80 
Weighted-average remaining lease term – finance leases (in years)3.3— 3.3— 
Weighted-average remaining lease term – operating leases (in years)2.50.22.50.2
Weighted-average discount rate – operating leases9.7 %10.0 %9.7 %10.0 %
As of June 30, 2024, the present value of maturities of the Company’s operating lease liabilities were as follows (in thousands):
Six months ended December 31, 2024$75 
Year ended December 31, 2025155 
Year ended December 31, 2026158 
Total388 
Less: present value discount(44)
Operating lease liability$344