Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.23.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Schedule of the Components of Lease Costs
The components of lease costs for the three and six months ended June 30, 2023 and 2022 are as follows (in thousands):
  Three Months Ended
June 30,		 Six Months Ended
June 30,
  2023 2022 2023 2022
Operating lease cost $ 369  $ 335  $ 721  $ 664 
Variable lease cost 87  80  163  154 
Total lease cost $ 456  $ 415  $ 884  $ 818 
Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands):
  Six Months Ended
June 30,
2023 2022
Cash paid for amounts included in the measurement of lease liabilities and right of use assets:    
Operating cash flow from operating leases $ 773  $ 523 
 
Right of use assets obtained in exchange for lease obligations:
Operating leases $ 406  $ 18 
Increases to right of use assets resulting from lease modifications:
Operating leases $ 552  $ 1,050 
Weighted average remaining lease terms and discount rates for the Company’s operating leases are as follows:
  As of June 30,
  2023 2022
 
 
Years
Years
Weighted average remaining lease term: 5.6 7.1
  Rate Rate
Weighted average discount rate: 6.9% 7.1%
Schedule of Future Maturities of Lease Liabilities
Future maturities of lease liabilities as of June 30, 2023 are as follows (in thousands):
 
Operating
Leases (a)
2023 $ 665 
2024 1,337 
2025 1,267 
2026 1,096 
2027 910 
2028 and thereafter
 2,015 
Total undiscounted lease payments 7,290 
Less: Imputed interest (2,359)
Total lease liabilities $ 4,931 
(a) Excludes $1.8 million of legally binding minimum lease payments for an office lease signed but not yet commenced. This lease has an expected term of 7 years and is expected to commence in the fourth quarter of 2023.