MapLight Therapeutics, Inc. Leases Disclosure
The Company leases office and laboratory space which are classified as operating leases on the consolidated balance sheets.
In August 2020, the Company entered into a lease agreement for 10,500 square feet of office and lab space in Redwood City, California. In May 2021, the Company entered into the first amendment to extend the term to expire the last day of the twenty-sixth month after commencement. The lease commenced in June 2021. In August 2022, the Company entered into a second amendment to the lease, increasing the office and lab space to 11,655 square feet effective in August 2022 and to 13,734 square feet effective in August 2023. Additionally, the term of the lease was extended to June 2031. The Company and the lessor have the ability to terminate the lease with 15 months' notice. Upon execution of the second amendment, the right-of-use asset and lease liability balances were $6.3 million and $6.4 million, respectively. Cash required to be held as a security deposit in accordance with the lease is $0.2 million.
In September 2023, the Company entered into a lease agreement for office space in Burlington, Massachusetts. This lease commenced in April 2024, when the Company took occupancy of the space for its intended use, and has an initial term of approximately five years, with an option to extend the term for an additional five years. At lease commencement, the Company recognized a right-of-use asset and lease liability of $1.5 million and $1.3 million, respectively. Cash required to be held as a security deposit in accordance with the lease is $0.2 million.
The following table summarizes the presentation of the Company's operating leases on its consolidated balance sheets (in thousands):
Leases |
|
Balance Sheet Classification |
|
2025 |
|
|
2024 |
|
||
Assets: |
|
|
|
|
|
|
|
|
||
Operating lease assets |
|
Right-of-use asset |
|
$ |
5,488 |
|
|
$ |
6,354 |
|
Total lease assets |
|
|
|
$ |
5,488 |
|
|
$ |
6,354 |
|
Liabilities: |
|
|
|
|
|
|
|
|
||
Current: |
|
|
|
|
|
|
|
|
||
Operating lease liabilities |
|
Lease liability - current |
|
$ |
891 |
|
|
$ |
778 |
|
Noncurrent: |
|
|
|
|
|
|
|
|
||
Operating lease liabilities |
|
Lease liability - non-current |
|
|
4,911 |
|
|
|
5,801 |
|
Total lease liabilities |
|
|
|
$ |
5,802 |
|
|
$ |
6,579 |
|
The components of lease cost under ASC Topic 842, Leases included within research and development expenses and general and administrative expenses in the Company's consolidated statements of operations and comprehensive loss were as follows (in thousands):
|
|
Year Ended December 31, |
|
|||||
Lease Cost |
|
2025 |
|
|
2024 |
|
||
Operating lease costs |
|
$ |
1,383 |
|
|
$ |
1,292 |
|
Variable lease costs |
|
|
290 |
|
|
|
264 |
|
Total lease cost |
|
$ |
1,673 |
|
|
$ |
1,556 |
|
As of December 31, 2025 and 2024, the weighted-average remaining lease term for operating leases was 5.2 years and 6.2 years, respectively, and the weighted-average discount rate was 8.7% and 8.8%, respectively. Cash paid for amounts included in the measurement of lease liabilities was $1.3 million for the year ended December 31, 2025.
Future minimum annual lease commitments under the Company's non-cancelable operating leases as of December 31, 2025 were as follows (in thousands):
Year Ended December 31, |
|
Amount |
|
|
2026 |
|
$ |
1,335 |
|
2027 |
|
|
1,376 |
|
2028 |
|
|
1,419 |
|
2029 |
|
|
1,263 |
|
2030 |
|
|
1,163 |
|
Thereafter |
|
|
590 |
|
Total lease payments |
|
|
7,146 |
|
Less: imputed interest |
|
|
(1,344 |
) |
Present value of operating lease liabilities |
|
$ |
5,802 |
|
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.