LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

LEASES

The Company entered into two agreements and exited its Houston and South San Francisco office locations during the first quarter of 2021 and, therefore, did not have any lease liabilities as of December 31, 2022. In connection with the lease termination and exit of the Houston office, a third party also acquired all of the property and equipment associated with the location. The consideration included an unsecured promissory note of $0.2 million with a simple interest of 4% per annum, which was due and payable on or before June 30, 2022. The payment, including accrued interest, was received in full in July 2022.

Components of lease cost are as follows:

(in thousands)	Year Ended December 31, 2022		Year Ended December 31, 2021
Finance lease cost:
Amortization of leased assets	$	—	$	16
Interest on lease liabilities	—		5
Operating lease cost	—		56
Short-term lease cost	—		53
Total lease cost	$	—	$	130

Supplemental cash flow information and non-cash activity related to the Company’s operating and finance leases are as follows:

(in thousands)	Year Ended December 31, 2022		Year Ended December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	—	$	71
Operating cash flows from finance leases	—		5
Financing cash flows from finance leases	—		35

LEASES

LEASES

The Company entered into two agreements and exited its Houston and South San Francisco office locations during the first quarter of 2021 and, therefore, did not have any lease liabilities as of December 31, 2022. In connection with the lease termination and exit of the Houston office, a third party also acquired all of the property and equipment associated with the location. The consideration included an unsecured promissory note of $0.2 million with a simple interest of 4% per annum, which was due and payable on or before June 30, 2022. The payment, including accrued interest, was received in full in July 2022.

Components of lease cost are as follows:

(in thousands)	Year Ended December 31, 2022		Year Ended December 31, 2021
Finance lease cost:
Amortization of leased assets	$	—	$	16
Interest on lease liabilities	—		5
Operating lease cost	—		56
Short-term lease cost	—		53
Total lease cost	$	—	$	130

Supplemental cash flow information and non-cash activity related to the Company’s operating and finance leases are as follows:

(in thousands)	Year Ended December 31, 2022		Year Ended December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	—	$	71
Operating cash flows from finance leases	—		5
Financing cash flows from finance leases	—		35