Leases

3 Months Ended

Mar. 31, 2022

7. Leases

The Company’s leases relate primarily to office facilities that expire on various dates from 2023 through 2027. The terms of the Company's non-cancelable operating lease arrangements typically contain fixed lease payment which increases over the term of the lease at fixed rates, and include rent holidays and provide for additional renewal periods. Lease expense is recognized over the term of the lease on a straight-line basis. All of the Company’s leases are classified as operating leases. The Company has determined that periods covered by options to extend the Company’s leases are excluded from the lease term as the Company is not reasonably certain the Company will exercise such options. Operating lease expense, including expenses related to short-term leases, was $0.1 million for each of the three months ended March 31, 2022 and 2021.

The Company records its right-of-use (ROU) assets within other assets (long term) and its operating lease liabilities within other current and long-term liabilities.

Additional information related to the Company’s leases as of and for the three months ended March 31, 2022, is as follows (in thousands, except lease term and discount rate):


	March 31, 2022
Balance sheet information
ROU assets	$	1,541
Lease liabilities, current	$	420
Lease liabilities, non-current		1,122
Total lease liabilities	$	1,542
Other information
Weighted average remaining lease term	3.65 years
Weighted average discount rate		8.25	%
Supplemental cash flow information
Operating cash flows from operating leases	$	79
ROU assets obtained in exchange for lease obligations	$	-

Maturities of lease liabilities as of March 31, 2022 were as follows (in thousands):


Remainder of 2022	$	398
Year ending December 31, 2023		494
Year ending December 31, 2024		492
Year ending December 31, 2025		219
Year ending December 31, 2026		169
Year ending December 31, 2027		28
Total undiscounted lease payments		1,800
Less: imputed interest		(258	)
Total lease liabilities	$	1,542

As of March 31, 2022, the Company does not have any leases that have not yet commenced that create significant rights and obligations.