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Leases (Tables)
6 Months Ended
Jun. 30, 2022
Lessee Disclosure [Abstract]  
Components of Lease Expense

The components of lease expense included in the Company’s condensed consolidated statements of operations include (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

(unaudited)

 

Operating lease expense

 

$

261

 

 

$

261

 

 

$

521

 

 

$

521

 

Variable lease expense

 

 

64

 

 

 

128

 

 

 

196

 

 

 

256

 

Total lease expense, net

 

$

325

 

 

$

389

 

 

$

717

 

 

$

777

 

Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate

The weighted average remaining lease term and weighted average discount rate for operating leases were as follows:

 

 

As of June 30,

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

Weighted average remaining lease term (in years)

 

 

3.0

 

 

 

4.0

 

Weighted average discount rate percentage

 

 

3.50

%

 

 

3.50

%

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

(unaudited)

 

Cash paid for amounts included in the measurement of operating leases

 

$

377

 

 

$

316

 

 

$

754

 

 

$

632

 

 

Maturities of Operating Lease Liabilities

As of June 30, 2022, future minimum payments under the Company's non-cancelable operating lease under ASC 842 were as follows (in thousands):

 

 

Operating
lease

 

Six months ending December 31, 2022

 

$

801

 

2023

 

 

1,636

 

2024

 

 

1,685

 

2025

 

 

845

 

Thereafter

 

 

 

Total future lease payments

 

 

4,967

 

Less: imputed interest

 

 

(261

)

Total operating lease liabilities

 

$

4,706