Note 10: Leases

The Company leases office and lab facilities and other equipment under non-cancellable operating leases with initial terms typically ranging from 1 to 5 years, expiring at various dates during 2024 through 2027, and requiring monthly payments ranging from less than $1,000 to $17,000. Certain leases include additional renewal options ranging from 1 to 5 years. AIM has classified all of its leases as operating leases.

At September 30, 2025 and December 31, 2024, the balance of the right of use assets was $436,000 and $618,000, respectively, and the corresponding operating lease liability balance was $458,000 and $634,000, respectively. Right of use assets are recorded net of accumulated amortization of $567,000 and $428,000 as of September 30, 2025 and December 31, 2024, respectively.

AIM recognized rent expense associated with these leases are follows:

 Schedule of AIM Recognized Rent Expense Associated with Operating Lease

The Company’s leases have remaining lease terms between 8 and 23 months. At September 30, 2025, the weighted-average remaining term was 22 months. At December 31, 2024, the weighted-average remaining term was 41 months. The Company’s weighted average incremental borrowing rate for its leases was 10% at September 30, 2025 and 10% at December 31, 2024.

Future minimum payments as of September 30, 2025, are as follows:

 Schedule of Operating Lease Future Payments