Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

Leases

The Company has entered into various non-cancelable operating lease agreements for office facilities and equipment with lease periods expiring between 2023 and 2026. Certain of these arrangements have free rent periods and/or escalating rent payment provisions. As such, the Company recognizes rent expense under such arrangements on a straight-line basis. Some leases include options to renew. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases with an initial term of twelve months or less are not recorded on the balance sheet.

Operating lease expense was $0.2 million and $0.5 million for the three months ended June 30, 2023 and 2022, respectively, and $0.5 million and $1.1 million for the six months ended June 30, 2023 and 2022, respectively.

Supplemental other information related to operating leases were as follows:

	June 30, 2023	December 31, 2022
Weighted Average Remaining Lease Term (in years)	1.2	2.2
Weighted Average Discount Rate	5.2%	6.2%

Supplemental cash flow information related to operating leases were as follows:

	June 30, 2023	June 30, 2022
Cash paid for amounts included in the measurement of operating lease liabilities	$0.2 million	$0.6 million

The following is a schedule, by years, of maturities of lease liabilities as of June 30, 2023 (in thousands):

Year Ending December 31,	Amount
Remainder of 2023	$	393
2024	157
2025	82
2026	3
Total undiscounted cash flows	$	635
Less imputed interest	(22)
Present value of lease liabilities	$	613