Altimmune Inc
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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5. Leases
- Leases
The Company’s operating lease for office and laboratory space in the United States was set to expire on April 30, 2025. On May 20, 2024, the Company exercised its one-time 60-month renewal option to renew its lease for an additional 60 months. As of May 1, 2024, the Company remeasured its lease liability and recorded $1.4 million additional lease liability and right-of-use asset using an updated incremental borrowing rate of 9.5%. The renewed lease has a term of 72 months and expires on April 30, 2030. The Company reassessed that the renewed lease remains an operating lease under Topic 842.
Rent expense under the Company’s operating leases during each of the years ended December 31, 2024 and 2023 was $0.5 million. Rent expense includes short-term leases and variable lease costs that are not included in the lease obligation.
The cash paid for operating lease liabilities for each of the years ended December 31, 2024 and 2023 was $0.5 million.
Supplemental balance sheet information related to the operating leases is as follows (in thousands):
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · December 31, · · | |||||||||
| · · 2024 · · 2023 · · Balance Sheet Classification | |||||||||
| Operating lease obligations, current (see Note 6) | $279 | $496 | | | Accrued expenses and other current liabilities | ||||
| Operating lease obligations, noncurrent (see Note 7) | | | 1,402 | | | 175 | | | Noncurrent liabilities |
| Operating lease right-of-use assets | | $1,639 | | $363 | | | Other assets | ||
| Weighted-average remaining lease term (years) | | 5.3 | | 1.3 | | | | ||
| Weighted-average discount rate | | 9.5% | 7.2% | | | ||||
Maturities of operating lease liabilities are as follows (in thousands):
| | | | |
|---|---|---|---|
| 2025 | | $422 | |
| 2026 | | 376 | |
| 2027 | | 387 | |
| 2028 | | 398 | |
| 2029 | | | 410 |
| 2030 | | | 138 |
| Total operating lease payments | | 2,131 | |
| Less: imputed interest | | (450) | |
| Total operating lease liabilities | | $1,681 |
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