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Leases (Tables)
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Components of Lease Costs

The components of the lease costs for the years ended December 31, 2023 and 2022 (in thousands):

 

 

 

Year ended December 31,

 

 

 

2023

 

 

2022

 

Operating lease costs

 

$

9,919

 

 

$

2,095

 

Financing lease costs:

 

 

 

 

 

 

Amortization of right-to-use assets, financing
   leases

 

 

1,483

 

 

 

1,184

 

Interest expense for financing lease liabilities

 

 

181

 

 

 

179

 

Variable lease costs

 

 

949

 

 

 

1,192

 

Total lease costs

 

$

12,532

 

 

$

4,650

 

Supplemental Cash Flow Information Relating to Leases

Supplemental cash flow information relating to the Company’s leases for the years ended December 31, 2023 and 2022 were as follows (in thousands):

 

 

 

Year ended December 31,

 

 

 

2023

 

 

2022

 

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

 

 

 

 

 

 

Operating cash flows used in operating leases

 

$

2,659

 

 

$

2,581

 

Operating cash flows used in finance leases

 

$

1,363

 

 

$

1,130

 

Financing cash flows used in finance leases

 

$

181

 

 

$

179

 

Summary of Weighted Average Remaining Lease Terms and Discount Rates

Weighted average remaining lease terms and discount rates as of December 31, 2023 and 2022 were as follows:

 

 

 

Year ended December 31,

 

 

 

2023

 

 

2022

 

Remaining lease term:

 

 

 

 

 

 

Operating lease

 

10.4 years

 

 

7.3 years

 

Financing lease

 

2.4 Years

 

 

2.5 Years

 

Discount Rate:

 

 

 

 

 

 

Operating lease

 

 

8.8

%

 

 

10.5

%

Financing lease

 

 

8.2

%

 

 

8.5

%

Summary of Undiscounted Future Lease Payments for Operating and Finance Leases

The undiscounted future lease payments for operating and finance leases as of December 31, 2023, were as follows (in thousands):

 

Fiscal Year

 

Operating
Leases

 

 

Financing
Leases

 

2024

 

 

5,505

 

 

 

1,318

 

2025

 

 

12,074

 

 

 

882

 

2026

 

 

12,436

 

 

 

533

 

2027

 

 

12,809

 

 

 

100

 

2028

 

 

13,193

 

 

 

 

Thereafter

 

 

74,424

 

 

 

 

Total minimum lease payments

 

 

130,441

 

 

 

2,833

 

Less amounts representing interest or imputed interest

 

 

(48,345

)

 

 

(255

)

Present value of lease liabilities

 

$

82,096

 

 

$

2,578

 

 

The undiscounted future lease payments in 2024 includes approximately $4.0 million of future reimbursements related to landlord funded tenant improvements in connection with the 2021 Lease.