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Leases (Tables)
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Schedule of Maturities of Operating and Finance Lease Liabilities

The following table presents the maturities and balance sheet information of the Company’s operating lease liabilities as of June 30, 2024 (in thousands, except lease term and discount rate):

 

 

June 30, 2024

 

 

 

Operating Leases

 

 

Finance Leases

 

2024

 

$

638

 

 

$

528

 

2025

 

 

1,305

 

 

 

1,056

 

2026

 

 

1,187

 

 

 

1,056

 

2027

 

 

912

 

 

 

616

 

2028

 

 

939

 

 

 

 

Thereafter

 

 

1,130

 

 

 

 

Total lease payments

 

 

6,111

 

 

 

3,256

 

Less: imputed interest

 

 

(1,264

)

 

 

(400

)

Total lease liabilities

 

$

4,847

 

 

$

2,856

 

 

 

 

 

 

 

 

Lease liabilities: current (i)

 

$

897

 

 

$

846

 

Lease liabilities: non-current (ii)

 

 

3,950

 

 

 

2,010

 

Total lease liabilities

 

$

4,847

 

 

$

2,856

 

 

 

 

 

 

 

 

Weighted average remaining lease term (in years)

 

 

5.0

 

 

 

3.1

 

Weighted average discount rate

 

 

8.8

%

 

 

8.5

%

(i)
Current lease liabilities are presented within accrued expenses and other current liabilities on the condensed consolidated balance sheets.
(ii)
Non-current lease liabilities are presented within other non-current liabilities on the condensed consolidated balance sheets.
Components of Lease Costs

The following table presents the components of lease costs for the three months and six months ended June 30, 2024 and 2023 (in thousands):

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Operating lease cost

 

$

311

 

 

$

317

 

 

$

622

 

 

$

635

 

Variable lease cost and other, net (i)

 

 

131

 

 

 

103

 

 

 

298

 

 

 

219

 

Short-term lease cost

 

 

3

 

 

 

3

 

 

 

11

 

 

 

6

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

 

197

 

 

 

112

 

 

 

446

 

 

 

224

 

Interest

 

 

50

 

 

 

1

 

 

 

97

 

 

 

2

 

Total lease costs

 

$

692

 

 

$

536

 

 

$

1,474

 

 

$

1,086

 

(i)
The variable lease cost and other, net is comprised primarily of common area maintenance charges for the operating lease, which are dependent on usage. These costs are classified as operating lease expense due to the election to not separate lease and non-lease components. These costs were not included within the measurement of the Company’s operating lease ROU assets and operating lease liabilities.
Supplemental Cash Flow Disclosures for Cash Paid for Leases

The following table presents the supplemental cash flow disclosures for cash paid for leases for the six months ended June 30, 2024 and 2023 (in thousands):

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2024

 

 

2023

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

629

 

 

$

621

 

Operating cash flows from finance leases

 

$

87

 

 

$

2

 

Financing cash flows from finance leases

 

$

393

 

 

$

214

 

Right-of-use asset acquired under leases

 

 

 

 

 

 

Finance leases

 

$

1,035

 

 

$