Leases

9 Months Ended

Sep. 30, 2024

The Company has non-cancelable operating and finance leases for its corporate offices and other service agreements. Its leases have remaining lease terms of approximately 1 year or less, some of which include options to extend. The Company uses the non-cancelable lease term when recognizing the right-of-use (“ROU”) assets and lease liabilities, unless it is reasonably certain that a renewal or termination option will be exercised.

The Company continues to actively assess its global lease portfolio. However, any additional de-recognition of ROU assets and incurrence of various one-time expenses in connection with early termination of additional leases are not expected to be material to its financial condition or results of operations.

Supplemental cash flow information related to leases for the periods presented is as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(In thousands)				(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	273	$	818	$	1,694	$	2,655
Operating cash flows for finance leases	2		6		23		43
Financing cash flows for finance leases	28		542		381		2,468

The components of lease costs for the periods presented are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(In thousands)				(In thousands)
Finance lease cost
Amortization of right-of-use assets	$	22	$	929	$	377	$	2,759
Interest	2		6		23		43
Operating lease cost	2,325		2,937		7,792		8,564
Total lease cost	$	2,349	$	3,872	$	8,192	$	11,366


	September 30, 2024		September 30, 2023
Weighted Average Remaining Lease Term:
Operating leases	0.4 years		2.3 years
Finance leases	1.0 year		1.7 years

Weighted Average Discount Rate:
Operating leases	7	%	7	%
Finance leases	7	%	4	%

Supplemental balance sheet information related to leases as of the dates presented is as follows:


	Financial Statement Classification	September 30, 2024		December 31, 2023

		(In thousands)
Assets
Operating right-of-use assets	Operating lease right-of-use assets	$	98	$	4,135
Finance right-of-use assets	Property and equipment, net	138		3,060

Liabilities
Current liabilities:
Operating lease liabilities	Operating lease liabilities	$	141	$	2,719
Finance lease liabilities	Accrued expenses and other current liabilities	114		3,037
Non-current liabilities:
Operating lease liabilities	Operating lease liabilities, net of current portion	—		2,173
Finance lease liabilities	Other liabilities	—		85

Future minimum lease payments under non-cancellable operating and finance leases are immaterial.