Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

7. Leases

Operating leases

Leases classified as operating leases are included in operating lease right-of use, or ROU, assets, operating lease liabilities and operating lease liabilities, non-current, in the Company’s condensed consolidated balance sheets. Cash paid for operating lease liabilities was $995 during each of the nine months ended September 30, 2023 and 2022.

The components of lease expense were as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Lease cost	2023		2022		2023		2022
Operating lease cost	$	341	$	342	$	1,024	$	1,024
Short-term lease cost		-		-		-		3
Total	$	341	$	342	$	1,024	$	1,027

Variable lease expense for the three and nine months ended September 30, 2023 and 2022, respectively, was not material.

The weighted-average remaining lease term and the weighted average discount rate for operating leases were:

	As of September 30, 2023
Weighted-average discount rate		7.0	%
Weighted-average remaining lease term – operating lease (in months)		58

As of September 30, 2023, the expected annual minimum lease payments of the Company’s operating lease liabilities were as follows:

For Years Ending December 31,	Operating Lease Payments
2023 (excluding the nine months ended September 30, 2023)	$	332
2024		1,327
2025		1,395
2026		1,429
2027		1,429
Thereafter		805
Total operating lease payments		6,717
Less: imputed interest		1,015
Present value of future minimum lease payments	$	5,702