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 a 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 lease, which have been included in the Company’s right of use asset and lease liabilities. The Company’s lease liability as of June 30, 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 June 30, 2023, the weighted average remaining lease term was 2.0 years. The Company recorded a combined expense of $45 thousand and $0.1 million related to the Bend and Newton leases for the three months ended June 30, 2023 and 2022, respectively, and recorded a combined expense of $0.1 million related to the Bend and Newton leases for each of the six months ended June 30, 2023 and 2022. The Company made cash payments for amounts included in the measurement of lease liabilities of $47 thousand and $0.1 million during the three months ended June 30, 2023 and 2022, respectively, and of $0.1 million for each of the six months ended June 30, 2023 and 2022. 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 June 30, 2023.

The following table reconciles the undiscounted lease liabilities to the total lease liabilities recognized on the unaudited condensed balance sheet as of June 30, 2023:



	As of June 30, 2023			As of December 31, 2022
2023		52,711			103,925
2024		107,290			107,290
2025		54,579			54,579
Total undiscounted lease liabilities		214,580			265,794
Less effects of discounting		(8,322	)		(16,204	)
Total lease liabilities as of June 30, 2023	$	206,258		$	249,590

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


	June 30, 2023		December 31, 2022
Other current liabilities	$	105,422	$	103,925
Other non-current liabilities		100,836		145,665
Total lease liabilities	$	206,258	$	249,590