Leases

9 Months Ended

Sep. 30, 2023

Leases

Leases

Note 7 — Leases

During the nine months ended September 30, 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 September 30, 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)	$	485
2024		1,852
2025		835
2026		787
2027		617
Thereafter		1,319
Total lease payments	$	5,895
Less: imputed interest		(978	)
Present value of lease liabilities	$	4,917

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

	Nine Months Ended September 30,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,080		$	763
Non-cash investing and financing activities
Right-of-use assets obtained in exchange for new operating lease liabilities	$	2,728		$	3,753
Weighted-average remaining lease term - operating leases (in years)		4.68			3.08
Weighted-average discount rate - operating leases		7.875	%		7.875	%

As of September 30, 2023 and December 31, 2022, the Company’s right-of-use assets from operating leases were $4,663 and $3,037, respectively, which are reported in operating lease right-of-use assets in the unaudited condensed consolidated balance sheets. As of September 30, 2023 and December 31, 2022, the Company had outstanding operating lease obligations of $4,917 and $2,987, respectively, of which $1,574 and $1,141, respectively, are reported in operating lease liabilities, current portion and $3,343 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.