Aptose leases office space in San Diego, California, pursuant to a lease agreement that is scheduled to expire on May 31, 2026. Aptose previously had leased laboratory space in San Diego, which we exited prior to the expiration of the lease on February 28, 2023. We leased office space in Toronto, Ontario, Canada, which lease expired on June 30, 2024. The Company has not included any extension periods in calculating its right-to-use assets and lease liabilities. The Company also enters into leases for small office equipment.

To calculate the lease liability, the lease payments in the table below were discounted over the remaining term of the leases using the Company’s incremental borrowing rate as of January 1, 2019 for existing leases at the time of adopting the FASB’s Accounting Standards Codification (“ASC”) no. 842, Leases (“ASC 842”) and for new leases after the adoption of ASC 842, as of the date of the execution date of the new lease. The following table presents the weighted average remaining term of the leases and the weighted average discount rate: