Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

6. Leases

Operating lease costs under the leases for the year ended December 31, 2021 and 2020 were approximately $1.1 million and $0.6 million, respectively. The weighted average remaining lease term at December 31, 2021 was 2.13 years and the weighted average incremental borrowing rate was 8.0%.    

In January 2022, the Company entered into a new lease agreement for office space in Israel for an initial period of 24 months and with the option to extend the lease for an additional 24 months. The lease commences on April 1, 2022 at the rate of approximately $36 thousand per year, billed monthly, plus the Company’s share of utilities, common area expenses, and taxes.

The following table summarizes the Company’s maturities of operating lease liabilities as of December 31, 2021 (in thousands):

2022	$	715
2023		704
2024		125
2025		2
Total lease payments		1,546
Less: present value discount		(85	)
Total operating lease liabilities		1,461
Less: current portion		(657	)
Long-term portion	$	804