Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Right of Use Asset and Related Lease Liability and Supplemental Cash Flow Information

Because the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate to determine the present value of lease payments. Information related to our right-of-use asset and related lease liability were as follows:

	As of December 31,
(in thousands)	2023		2022
Operating right-of-use asset, net	$	6,288	$	7,093
Operating lease liability, current portion	$	780	$	745
Operating lease liability, net of current portion		5,708		6,489
	$	6,488	$	7,234

	For the Year Ended December 31,
(in thousands)	2023		2022
Cash paid for operating lease liabilities	$	1,001	$	1,001

Schedule of Future Amortization of Lease Liability

Operating lease expense is recognized on a straight-line basis over the lease term. Our operating lease expense was $1.1 million and for both 2023 and 2022. Future amortization of our lease liability as of December 31, 2023 is expected to be as follows:

(in thousands)
2024	$	1,008
2025		1,035
2026		1,064
2027		1,093
2028		1,123
Thereafter		2,037
Future lease payments, gross		7,360
Less: Imputed interest		(872	)
Operating lease liability	$	6,488