Leases |
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| Leases | 11. Leases Office Lease In August 2024, the Company entered into an additional addendum to the lease agreement for office space in New Hope, PA originally entered into by Legacy Orchestra in December 2009 (as amended, the “New Hope Lease”). The New Hope Lease covers 8,052 square feet and will expire in September 2027. Monthly fees under the New Hope Lease will be between $17,000 and $19,000 for the period from the August 2024 addendum through expiration. In November 2019, Legacy Orchestra entered into a new lease agreement for approximately 5,200 square feet of office space in New York, NY. In November 2022, Legacy Orchestra entered into an amendment for this lease which increased the office space square footage to approximately 7,800 and amended the expiration to April 2028. Monthly fees will be between $28,000 and $40,000 for the period from commencement through expiration. In September 2024, the Company entered into a new lease for 6,496 square feet of office space in Fort Lauderdale, Florida. The agreement will expire in December 2027. The monthly fees commenced in November 2024, the commencement date of the agreement, and will be between $16,000 and $17,000 for the period from commencement through expiration. Operating cash flow supplemental information for the six months ended June 30, 2025: Cash paid for amounts included in the present value of operating lease liabilities was $503,000 during the six months ended June 30, 2025 compared to $454,000 during the six months ended June 30, 2024.
Operating Leases Rent/lease expense for office and lab space was approximately $274,000 and $224,000 for the three months ended June 30, 2025 and 2024, respectively. Rent/lease expense for office and lab space was approximately $533,000 and $443,000 for the six months ended June 30, 2025 and 2024, respectively. Variable lease costs were $19,000 and $38,000 for the three months ended June 30, 2025 and 2024, respectively. Variable lease costs were $50,000 and $100,000 for the six months ended June 30, 2025 and 2024, respectively. Variable lease costs consist primarily of common area maintenance costs, insurance and taxes which are paid based upon actual costs incurred by the lessor. The table below shows the future minimum rental payments, exclusive of taxes, insurance, and other costs, under the leases as of June 30, 2025:
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