Leases

3 Months Ended

Mar. 31, 2023

Leases

Leases

Note 7 — Leases

During the three months ended March 31, 2023, the Company entered into additional lease agreements that have commenced and are classified as operating leases and short-term leases, including for each of: principal corporate offices and additional Lucid Test Centers.

The Company’s future lease payments as of March 31, 2023, which are presented as operating lease liabilities, current portion and operating lease liabilities, less current portion on the Company’s unaudited condensed consolidated balance sheets are as follows:

2023 (remainder of year)	$	1,165
2024		1,762
2025		773
2026		724
2027		594
Thereafter		1,319
Total lease payments	$	6,337
Less: imputed interest		(1,137	)
Present value of lease liabilities	$	5,200

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

	Three Months Ended March 31,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	346		$	224
Non-cash investing and financing activities
Right-of-use assets obtained in exchange for new operating lease liabilities	$	2,473		$	3,151
Weighted-average remaining lease term - operating leases (in years)		4.84			3.32
Weighted-average discount rate - operating leases		7.875	%		7.875	%

As of March 31, 2023 and December 31, 2022, the Company’s right-of-use assets from operating leases were $5,171 and $3,037, respectively, which are reported in operating lease right-of-use assets in the unaudited condensed consolidated balance sheets. As of March 31, 2023 and December 31, 2022, the Company had outstanding operating lease obligations of $5,200 and $2,987, respectively, of which $1,264 and $1,141, respectively, are reported in operating lease liabilities, current portion and $3,936 and $1,846, respectively, are reported in operating lease liabilities less current portion in the Company’s unaudited condensed consolidated balance sheets. 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.