Clene Inc. Leases Disclosure
Note 7. Leases
We lease laboratory and office space and certain laboratory equipment under non-cancellable operating leases. The carrying value of our right-of-use lease assets is substantially concentrated in our real estate leases, while the volume of lease agreements is primarily concentrated in equipment leases. We expect that, in the normal course of business, the existing leases will be renewed or replaced by similar leases.
We have leases for three real estate properties: (i) a laboratory and manufacturing facility lease that commenced in September 2021 with a -year term and an option to extend for -year periods, (ii) a laboratory and manufacturing facility lease that commenced in February 2022 with a -year term and an option to extend for -year periods, and (iii) our corporate office lease that commenced in April 2020 for years with an option to extend for years. We did not recognize the payments to be made in the option periods as part of the right-of-use asset or lease liability because the exercise of the option is not reasonably certain.
As of December 31, 2025 and 2024, our operating lease obligations had a weighted-average discount rate of 9.6% and 9.6%, respectively, and a weighted-average remaining term of 4.6 years and 5.5 years, respectively.
Maturity Analysis of Lease Obligations
The maturity analysis of our operating lease obligations as of December 31, 2025 was as follows:
| (in thousands) | Operating Leases | |||
| 2026 | $ | 1,161 | ||
| 2027 | 1,133 | |||
| 2028 | 1,093 | |||
| 2029 | 649 | |||
| 2030 | 623 | |||
| Thereafter | 422 | |||
| Total minimum lease payments | 5,081 | |||
| Less amount representing interest/discounting | (1,023 | ) | ||
| Present value of minimum lease payments | 4,058 | |||
| Less lease obligations, current portion | (808 | ) | ||
| Lease obligations, net of current portion | $ | 3,250 | ||
Components of Lease Cost
The components of lease costs for the years ended December 31, 2025 and 2024 were as follows:
| Year Ended December 31, | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| Finance lease amortization | $ | — | $ | 69 | ||||
| Operating lease costs | 1,018 | 1,019 | ||||||
| Short-term lease costs | 2 | 2 | ||||||
| Variable lease costs | 318 | 231 | ||||||
| Total lease costs | $ | $ | 1,321 | |||||
Supplemental Cash Flow Information
| Year Ended December 31, | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| Operating cash flows from operating leases | $ | (1,338 | ) | $ | (1,252 | ) | ||
| Financing cash flows from finance leases | $ | — | $ | (27 | ) | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 17, 2026 | Showing above |
| 2023 | Mar 13, 2024 | |
| 2022 | Mar 13, 2023 | |
| 2021 | Mar 11, 2022 | |
| 2020 | Mar 29, 2021 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.