Leases

12 Months Ended

Dec. 31, 2022

Leases

Leases

Note 9 — Leases

During the year ended December 31, 2022, the Company entered into additional lease agreements that have commenced and are classified as operating leases and short-term leases, including for each of: a research and development facility; a commercial clinical laboratory; additional Lucid Test Centers; and for office space.

The components of lease expense were as follows:

	Year Ended December 31,
	2022		2021
Operating lease cost	$	1,174	$	—
Short-term lease cost		191		191
Variable lease cost		52		—
Total lease cost	$	1,417	$	191

The Company’s future lease payments as of December 31, 2022, which are presented as operating lease liabilities, current portion and operating lease liabilities, less current portion on the Company’s consolidated balance sheets are as follows:

2023	$	1,327
2024		1,275
2025		323
2026		272
2027		132
Thereafter		—
Total lease payments	$	3,329
Less: imputed interest		(342	)
Present value of lease liabilities	$	2,987

Supplemental disclosure of cash flow information related to the Company’s cash and non-cash activities with its leases are as follows:

	Year Ended December 31,
	2022			2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,078		$	—
Non-cash investing and financing activities
Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,949		$	—
Weighted-average remaining lease term - operating leases (in years)		2.84			—
Weighted-average discount rate - operating leases		7.875	%		—	%

As of December 31, 2022, the Company’s right-of-use assets from operating leases are $3,037, which are reporting in right-of-use assets - operating leases in the consolidated balance sheets. As of December 31, 2022, the Company has outstanding operating lease obligations of $2,987, of which $1,141 is reported in operating lease liabilities, current portion and $1,846 is reporting in operating lease liabilities less current portion in the Company’s consolidated balance sheets. The Company did not have operating leases as of December 31, 2021. The Company calculates its incremental borrowing rates for specific lease terms, used to discount future lease payments, as a function of the financing terms the Company would likely receive on the open market.

In September 2022, the Company entered into a lease agreement for its principal corporate offices, in New York, New York. The lease agreement term is from the September 15, 2022 execution date to the date which is seven years and eight months from the lease commencement date, with the rent abated for the first eight months of the lease term. The lease commenced on February 1, 2023. The aggregate (undiscounted) rent payments are approximately $3.2 million over the lease term.