The Company has operating leases for its corporate offices and certain equipment. The leases have remaining lease terms of approximately one to four years. During the six months ended June 30, 2023 and the year ended December 31, 2022, the Company did not acquire any new ROU assets or lease liabilities. The components of lease expense consist of the following (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Operating lease expenses R&D: |
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Operating lease costs |
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$ |
550 |
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$ |
555 |
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$ |
1,101 |
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$ |
1,113 |
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Variable lease costs(1) |
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323 |
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225 |
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785 |
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451 |
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Operating lease expenses G&A: |
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Operating lease costs |
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132 |
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126 |
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263 |
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250 |
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Variable lease costs(1) |
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78 |
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51 |
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188 |
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101 |
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Total operating leases expense |
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$ |
1,083 |
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$ |
957 |
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$ |
2,337 |
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$ |
1,915 |
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____________ (1)Includes short-term lease costs which are immaterial. Supplemental cash flow information related to leases is as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows used for operating leases (in thousands) |
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$ |
673 |
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$ |
206 |
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$ |
1,404 |
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$ |
803 |
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Weighted-average remaining lease term in years |
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4.4 |
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5.4 |
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4.4 |
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5.4 |
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Weighted-average discount rate |
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7.63 |
% |
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7.63 |
% |
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7.63 |
% |
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7.63 |
% |
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