The Company leases office space in Newton, Massachusetts and Bend, Oregon. The Newton lease was classified as an operating lease until it expired on December 31, 2022, and the Company is currently renting space on month-to-month basis for this facility. The Bend lease is classified as an operating lease and contains immaterial provisions for rent holidays and rent escalations over the term of the leases, which have been included in the Company’s right of use asset and lease liabilities. The Company’s lease liability as of March 31, 2023 and December 31, 2022 represents the net present value of future lease payments utilizing discount rates of 8% to 10%, which correspond to the Company’s incremental borrowing rates as of the effective dates of the Bend, Oregon lease and a lease modification. As of March 31, 2023, the weighted average remaining lease term was 2.3 years. The Company recorded expense of $44 thousand and $0.1 million related to the leases for the three months ended March 31, 2023 and 2022, respectively. The Company made cash payments for amounts included in the measurement of lease liabilities of $31 thousand and $0.1 million during the three months ended March 31, 2023 and 2022, respectively. The Company reported a right-of-use asset of $0.2 million in Other non-current assets and lease liabilities totaling $0.2 million in Other current liabilities and Other non-current liabilities as of March 31, 2023.

The following table reconciles the undiscounted lease liabilities to the total lease liabilities recognized on the unaudited condensed balance sheet as of March 31, 2023:



	As of March 31, 2023			As of December 31, 2022
2023		78,467			103,925
2024		107,290			107,290
2025		54,579			54,579
Total undiscounted lease liabilities		240,336			265,794
Less effects of discounting		(12,004	)		(16,204	)
Total lease liabilities as of March 31, 2023	$	228,332		$	249,590

The Company’s lease liabilities are reported on the unaudited condensed balance sheets as follows:


	March 31, 2023		December 31, 2022
Other current liabilities	$	104,823	$	103,925
Other non-current liabilities		123,509		145,665
Total lease liabilities	$	228,332	$	249,590