Artelo Biosciences, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

LEASES

LEASES

3 Months Ended

Mar. 31, 2025

NOTE 8 - LEASE

On May 12, 2021, the Company entered into a lease arrangement for office space in the U.S. with Beckman/Lomas LLC, an entity controlled by a close family member of a director. Effective June 1, 2022, the related party divested its interests in the property, and as such, the lease agreement no longer constitutes a related party transaction. On March 6, 2024, the Company entered into an amended agreement with the landlord to extend the lease commencing in September 2024, and effective until August 2027.

The following summarizes right-of use asset and lease information about the Company’s operating leases as of March 31, 2025:

	Three months ended
	March 31,
	2025			2024

Lease cost
Operating lease cost	$	8		$	8

Other information
Cash paid for operating cash flows from operating leases	$	8		$	8
Right-of-use assets obtained in exchange for new operating lease liability	$	-		$	111

Weighted-average remaining lease term — operating leases (years)		2.33			3.33
Weighted-average discount rate — operating leases		7.50	%		7.50	%

Future minimum lease payments under the operating lease liability have non-cancellable lease payments at March 31, 2025, as follows:

	Total
Year Ended December 31,
2025	$	31
2026		43
2027		30
2028		-
Thereafter		-
		104
Less: Imputed interest		(9	)
Operating lease liabilities		95

Operating lease liability - current		36
Operating lease liability - non-current	$	59