ImageneBio, Inc. Leases Disclosure
8. Leases
As of December 31, 2025, the Company had two existing leases for office facilities in the United States. These leases are classified as operating lease agreements that expire at various dates from May 2026 through April 2027. The Company’s lease agreements do not include options to terminate prior to the expiration date. The lease agreements contain scheduled rent increases over the lease term. Under the terms of the lease agreements, the Company is responsible for certain property management fees, taxes, and common area maintenance expenses.
As the rate implicit in the lease was not readily determinable, the Company elected to develop and utilize the appropriate IBR as the discount rate to determine lease liabilities. The Company determined the rate used by estimating the approximate interest rate based on similar terms and payments, and in an economic environment where the leased assets are located.
As of December 31, 2025 and 2024, the weighted-average remaining lease term and discount rate related to the operating lease ROU assets and related lease liabilities were as follows:
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As of December 31, |
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|
2025 |
|
|
2024 |
|
||
Weighted-average remaining lease term — operating |
|
0.9 |
|
|
|
1.8 |
|
|
Weighted-average discount rate — operating leases |
|
|
8.56 |
% |
|
|
10.58 |
% |
Operating lease cost was $1.5 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively. Variable lease cost and short-term lease costs were insignificant for the years ended December 31, 2025 and 2024.
Supplemental cash flow information related to the operating leases was as follows (in thousands):
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As of December 31, |
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2025 |
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|
2024 |
|
||
Cash paid for operating leases |
|
$ |
1,248 |
|
|
$ |
513 |
|
The following table sets forth the remaining maturities of operating lease liabilities as of December 31, 2025 (in thousands):
2026 |
|
$ |
2,416 |
|
2027 |
|
|
719 |
|
Total future minimum lease payments |
|
|
3,135 |
|
Less: amount of lease payments representing interest |
|
|
160 |
|
Total lease liabilities |
|
|
2,975 |
|
Less: lease liabilities, current |
|
|
2,262 |
|
Lease liabilities, non-current |
|
$ |
713 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 10, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
| 2023 | Mar 12, 2024 | |
| 2022 | Mar 14, 2023 | |
| 2021 | Mar 17, 2022 | |
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.