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Leases
9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases

7. Leases

The Company’s headquarters are located in Irvine, California, where it leases office space. The Company leases additional office space located in Sandwich, United Kingdom. The lease terms for the Irvine and Sandwich offices extend through November 30, 2026 and October 23, 2027, respectively.

Other information related to the Company’s operating leases as of the balance sheet dates presented are as follows:

 

 

 

As of September 30,

 

 

2023

 

 

2022

 

Weighted incremental borrowing rate

 

 

5

%

 

 

5

%

Weighted average remaining lease term (in years)

 

 

3.4

 

 

 

3.8

 

Cash paid for amounts included in the measurement of lease liabilities (in thousands)

 

$

430

 

 

$

397

 

Lease expense (in thousands)

 

$

354

 

 

$

338

 

Maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows (in thousands):

 

 

As of September 30, 2023

 

2023 (remaining three months)

 

$

94

 

2024

 

 

381

 

2025

 

 

381

 

2026

 

 

343

 

2027

 

 

34

 

Total lease payments

 

 

1,233

 

Less: Imputed interest

 

 

(96

)

Present value of lease liabilities

 

$

1,137