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Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases Leases
The Company has operating leases for office facilities. These operating leases expire at various dates through 2026 with options to renew at the Company’s discretion. The Company does not currently plan to exercise renewal options.
The components of lease expense were as follows:
Year Ended December 31,
(In thousands)Classification20222021
Operating fixed lease costSelling, general and administrative expenses$1,156 $1,596 
Operating variable lease costSelling, general and administrative expenses95 164 
Total lease cost$1,251 $1,760 
Lease expense for the years ended December 31, 2022 and 2021 contained a nominal amount of expense related to short-term leases. Variable lease expense for both years includes excess common area maintenance, electricity, and taxes.
Other information related to leases was as follows:
(In thousands)20222021
Supplemental cash flow
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$1,242$1,467 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$—$1,305 
Weighted average remaining lease term (years):
Operating leases2.192.54
Weighted average discount rate:
Operating leases6.50 %6.50 %
Future minimum lease payments under non-cancellable leases as of December 31, 2022 were as follows:
(In thousands)Operating Leases
2023$674 
2024599 
2025138 
202612 
2027— 
Thereafter— 
Total future minimum lease payments1,423 
Less imputed interest(101)
Total$1,322 
Reported as of December 31, 2022:
Accrued expenses and other liabilities$606 
Operating lease liabilities716 
Total$1,322 
The net book value of the Company’s ROU asset of $1.1 million was impaired during the year ended December 31, 2022 due to the carrying value of the asset group being greater than the fair value. The Company considered the market capitalization valuation as of December 31, 2022, which was adversely impacted by sustained declines in the Company’s stock price during 2022, in determining the fair value of the asset group. The market capitalization was trading below cash and cash equivalents and stockholders' equity at December 31, 2022, which required the Company to recognize the long-lived asset impairment.
The Company subleases two of its office facilities to third parties under the same terms and conditions as the original lease agreements and has elected the practical expedient to combine lease and non-lease components as a single lease component under ASC Topic 842 guidance.
For the year ended December 31, 2021, the Company wrote-off sublease receivables totaling $0.2 million against sublease income due to the Subtenant’s inability to pay. There were no write-offs for the year ended December 31, 2022.
The undiscounted cash flows for contractual subleases as of December 31, 2022 were as follows (in thousands):
2023$130 
2024134 
2025138 
202612 
2027— 
Thereafter— 
Total$414 
Leases Leases
The Company has operating leases for office facilities. These operating leases expire at various dates through 2026 with options to renew at the Company’s discretion. The Company does not currently plan to exercise renewal options.
The components of lease expense were as follows:
Year Ended December 31,
(In thousands)Classification20222021
Operating fixed lease costSelling, general and administrative expenses$1,156 $1,596 
Operating variable lease costSelling, general and administrative expenses95 164 
Total lease cost$1,251 $1,760 
Lease expense for the years ended December 31, 2022 and 2021 contained a nominal amount of expense related to short-term leases. Variable lease expense for both years includes excess common area maintenance, electricity, and taxes.
Other information related to leases was as follows:
(In thousands)20222021
Supplemental cash flow
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$1,242$1,467 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$—$1,305 
Weighted average remaining lease term (years):
Operating leases2.192.54
Weighted average discount rate:
Operating leases6.50 %6.50 %
Future minimum lease payments under non-cancellable leases as of December 31, 2022 were as follows:
(In thousands)Operating Leases
2023$674 
2024599 
2025138 
202612 
2027— 
Thereafter— 
Total future minimum lease payments1,423 
Less imputed interest(101)
Total$1,322 
Reported as of December 31, 2022:
Accrued expenses and other liabilities$606 
Operating lease liabilities716 
Total$1,322 
The net book value of the Company’s ROU asset of $1.1 million was impaired during the year ended December 31, 2022 due to the carrying value of the asset group being greater than the fair value. The Company considered the market capitalization valuation as of December 31, 2022, which was adversely impacted by sustained declines in the Company’s stock price during 2022, in determining the fair value of the asset group. The market capitalization was trading below cash and cash equivalents and stockholders' equity at December 31, 2022, which required the Company to recognize the long-lived asset impairment.
The Company subleases two of its office facilities to third parties under the same terms and conditions as the original lease agreements and has elected the practical expedient to combine lease and non-lease components as a single lease component under ASC Topic 842 guidance.
For the year ended December 31, 2021, the Company wrote-off sublease receivables totaling $0.2 million against sublease income due to the Subtenant’s inability to pay. There were no write-offs for the year ended December 31, 2022.
The undiscounted cash flows for contractual subleases as of December 31, 2022 were as follows (in thousands):
2023$130 
2024134 
2025138 
202612 
2027— 
Thereafter— 
Total$414