In 2022, the Company early terminated an office lease contract. The termination of this lease reduced the Company’s operating lease right-of-use assets and lease liabilities by approximately $0.5 million and $0.6 million, respectively. The

gain from the lease termination of approximately $0.1 million was recorded under selling, general and administrative expense in the accompanying Consolidated Statement of Comprehensive Loss for the year ended December 31, 2022.

(1)

Net of gain recognized upon lease termination of $0.1 million in the year ended December 31, 2022.

(2)

Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets, and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Variable lease expense for the periods presented primarily included common area maintenance charges.

Supplemental consolidated balance sheets information related to leases was as follows:


	December 31,
	2022			2021
Weighted average remaining lease term under operating ROU leases (in years)		5.3			5.7
Weighted average discount rate for operating lease liabilities		4.87	%		5.25	%

Maturity of operating lease liabilities as of December 31, 2022, are as follows (in thousands):


Year Ending December 31,	Amount (1)
2023	$	1,570
2024		1,633
2025		1,547
2026		1,357
2027		1,294
2028 and thereafter		991
Total future minimum lease payments	$	8,392
Less: Interest (2)		(1,048)
Present value of future minimum lease payments under operating lease liabilities (3)	$	7,344

(1)

As of December 31, 2022, the total operating lease liability includes $0.9 million related to an option to extend a lease term that is reasonably certain to be exercised.

(2)

Calculated using incremental borrowing interest rate for each lease.

(3)

Includes the current portion of operating lease liabilities of $1.4 million as of December 31, 2022.