Leases (Tables)

9 Months Ended

Sep. 30, 2024

Table Text Blocks

Schedule of components of lease cost and supplemental cash flow information

Lease cost is recognized on a straight-line basis over the lease term. The components of lease cost for the three and nine months ended September 30, 2024 and 2023 are as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Operating lease cost	$	627	$	627	$	1,880	$	1,880
Short-term lease cost		335		314		1,080		854
Total lease cost	$	962	$	941	$	2,960	$	2,734

Supplemental information related to leases for the periods reported is as follows:

	Nine Months Ended
	September 30,
	2024			2023
Cash paid for amounts included in the measurement of lease liabilities (in thousands)	$	2,338		$	2,292
Weighted-average remaining lease term of operating leases (in years)		5.7			6.7
Weighted-average discount rate of operating leases		5.8	%		5.8	%

Schedule of future minimum lease payments under non-cancelable operating leases

2024 (1)	$	788
2025		3,189
2026		3,252
2027		3,317
2028		3,384
2029 and thereafter		4,902
Total future minimum lease payments		18,832
Less: present value adjustment		(2,777)
Operating lease liabilities		16,055
Less: current portion of operating lease liabilities		(3,173)
Operating lease liabilities, net of current portion	$	12,882

(1) For the three months ending December 31, 2024.