Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Leases

Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of the amortization expense for the ROU assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. The components of lease cost are as follows:

	Three Months Ended March 31,
	2022		2021
Operating lease cost	$	1,393	$	455
Finance lease cost - amortization of right-of-use assets	43		—
Finance lease cost - interest on lease liabilities	5		—
Total lease cost	$	1,441	$	455

No sublease income was recognized for the three months ended March 31, 2022 and 2021. Short-term and variable lease expenses are not material to the Company’s condensed financial statements.

As of March 31, 2022, a weighted average discount rate of 3.13% and 2.24% has been applied to the remaining operating and finance lease payments, respectively, to calculate the lease liabilities included within the condensed consolidated balance sheet. The weighted average remaining lease term of operating and finance leases is 5.7 and 6.0 years, respectively, as of March 31, 2022.

As of March 31, 2022, the maturities of lease liabilities under operating and finance leases were as follows:

	Operating leases		Finance leases		Total
2022 (Remaining 9 months)	$	3,611	$	104	$	3,715
2023	4,505		140		4,645
2024	4,555		145		4,700
2025	4,750		149		4,899
2026	5,108		153		5,261
Thereafter	4,993		199		5,192
Total minimum lease payments	$	27,522	$	890	$	28,412
Less: imputed interest	(2,360)		(58)		(2,418)
Total present value of lease liabilities	$	25,162	$	832	$	25,994

Leases

Leases

Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of the amortization expense for the ROU assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. The components of lease cost are as follows:

	Three Months Ended March 31,
	2022		2021
Operating lease cost	$	1,393	$	455
Finance lease cost - amortization of right-of-use assets	43		—
Finance lease cost - interest on lease liabilities	5		—
Total lease cost	$	1,441	$	455

No sublease income was recognized for the three months ended March 31, 2022 and 2021. Short-term and variable lease expenses are not material to the Company’s condensed financial statements.

As of March 31, 2022, a weighted average discount rate of 3.13% and 2.24% has been applied to the remaining operating and finance lease payments, respectively, to calculate the lease liabilities included within the condensed consolidated balance sheet. The weighted average remaining lease term of operating and finance leases is 5.7 and 6.0 years, respectively, as of March 31, 2022.

As of March 31, 2022, the maturities of lease liabilities under operating and finance leases were as follows:

	Operating leases		Finance leases		Total
2022 (Remaining 9 months)	$	3,611	$	104	$	3,715
2023	4,505		140		4,645
2024	4,555		145		4,700
2025	4,750		149		4,899
2026	5,108		153		5,261
Thereafter	4,993		199		5,192
Total minimum lease payments	$	27,522	$	890	$	28,412
Less: imputed interest	(2,360)		(58)		(2,418)
Total present value of lease liabilities	$	25,162	$	832	$	25,994