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Leases
9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases

Note 7. Leases

The Company leases office space, warehouse and manufacturing space, and equipment. The Companys lease agreements have remaining lease terms of one year to 14 years, and some of these leases have renewal and termination options exercisable at the Company’s election. Terms and conditions to extend or terminate such leases are recognized as part of the right-of-use assets and lease liabilities where reasonably certain to be exercised. All of the Companys leases are operating leases.

Operating lease expense was $0.7 million and $2.2 million for the three and nine months ended September 30, 2023, respectively, and operating lease expense was $0.8 million and $2.5 million for the three and nine months ended September 30, 2022, respectively. Cash paid for amounts included in the measurement of the lease liabilities was $0.6 million and $2.1 million for the three and nine months ended September 30, 2023, respectively, and cash paid for amounts included in the measurement of the lease liabilities was $0.7 million and $2.1 million for the three and nine months ended September 30, 2022, respectively. The weighted-average discount rate was 5.0% and the weighted-average remaining lease term was 9.0 years as of September 30, 2023.

Maturities of operating lease liabilities at September 30, 2023 were as follows (in thousands):

 

 

 

Amount

 

Remainder of 2023

 

$

647

 

2024

 

 

2,601

 

2025

 

 

2,354

 

2026

 

 

2,413

 

2027

 

 

2,416

 

Thereafter

 

 

11,917

 

Total lease payments

 

 

22,348

 

Less: imputed interest

 

 

(4,705

)

Present value of lease liabilities

 

$

17,643