Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

8. 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 $332 during each of the three months ended March 31, 2024 and 2023.

Lease expense consist of the following:

	For the Three Months Ended March 31,
Lease cost	2024		2023
Operating lease cost	$	338	$	341
Total	$	338	$	341

Variable lease expenses for the three months ended March 31, 2024 were $20. Variable lease expenses for the three months ended March 31, 2023 were not material.

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

	As of March 31, 2024
Weighted-average discount rate		7.0	%
Weighted-average remaining lease term – operating lease (in months)		52

As of March 31, 2024, the expected annual minimum lease payments of the Company’s operating lease liabilities were as follows:

For Years Ending December 31,	Operating Lease Payments
2024 (excluding the three months ended March 31, 2024)	$	995
2025		1,395
2026		1,429
2027		1,429
2028		718
Thereafter		87
Total operating lease payments		6,053
Less: imputed interest		(826	)
Present value of future minimum lease payments	$	5,227