Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

Leases

The Company leases office space and equipment, and certain office space was subleased during 2022. Management determines if a contract is a lease at the inception of the arrangement and reviews all options to extend, terminate, or purchase its right-of-use assets at the inception of the lease and accounts for these options when they are reasonably certain of being exercised.

Leases with an initial term of greater than twelve months are recorded on the consolidated balance sheet. Lease expense is recognized on a straight-line basis over the lease term.

The Company’s lease contracts generally do not provide a readily determinable implicit rate. For these contracts, the estimated incremental borrowing rate is based on information available at the inception of the lease.

Operating lease cost consists of the following (unaudited, in thousands):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Lease cost	$	406	$	400	$	1,224	$	1,219
Sublease income	—		—		—		(18)
Total lease cost	$	406	$	400	$	1,224	$	1,201

The maturity of operating lease liabilities is presented in the following table (unaudited, in thousands):

	As of September 30, 2023
2023	$	406
2024	1,509
2025	1,154
2026	474
Total lease payments	3,543
Less imputed interest	322
Present value of lease liabilities	$	3,221

Additional information relating to the Company’s operating leases follows (unaudited):

	As of September 30, 2023
Weighted average remaining lease term (years)	2.42
Weighted average discount rate	6.3	%