Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of the Components of Lease Costs

The components of lease costs for the three and six months ended June 30, 2023 and 2022 are as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease cost	$	369	$	335	$	721	$	664
Variable lease cost	87		80		163		154
Total lease cost	$	456	$	415	$	884	$	818

Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands):

	Six Months Ended June 30,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities and right of use assets:
Operating cash flow from operating leases	$	773	$	523
Right of use assets obtained in exchange for lease obligations:
Operating leases	$	406	$	18
Increases to right of use assets resulting from lease modifications:
Operating leases	$	552	$	1,050

Weighted average remaining lease terms and discount rates for the Company’s operating leases are as follows:

	As of June 30,
	2023	2022
	Years	Years
Weighted average remaining lease term:	5.6	7.1
	Rate	Rate
Weighted average discount rate:	6.9%	7.1%

Schedule of Future Maturities of Lease Liabilities

Future maturities of lease liabilities as of June 30, 2023 are as follows (in thousands):

	Operating Leases (a)
2023	$	665
2024	1,337
2025	1,267
2026	1,096
2027	910
2028 and thereafter	2,015
Total undiscounted lease payments	7,290
Less: Imputed interest	(2,359)
Total lease liabilities	$	4,931
(a) Excludes $1.8 million of legally binding minimum lease payments for an office lease signed but not yet commenced. This lease has an expected term of 7 years and is expected to commence in the fourth quarter of 2023.