Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases

Summary of impact of the adoption of Topic 842

	As Reported		Adjustments		Adjusted
	December 31, 2021		ASC 842 Adoption		January 1, 2022
Assets
Right-of-use assets, net, operating	$	—	$	6,039	$	6,039
Right-of-use assets, net, financing		—		366		366
Property and equipment, net		11,304		(351)		10,953
Total assets	$	11,304	$	6,054	$	17,358
Liabilities and Stockholders' Equity
Current liabilities:
Lease liabilities, short-term, operating	$	—	$	1,023	$	1,023
Lease liabilities, short-term, financing		—		33		33
Accrued expenses		10,917		(160)		10,757
Total current liabilities	$	18,166	$	896	$	19,062
Lease liabilities, long-term, operating		—		5,960		5,960
Lease liabilities, long-term, financing		—		341		341
Deferred rent, long-term		813		(813)		—
Other long-term liabilities		1,210		(330)		880
Total liabilities	$	20,189	$	6,054	$	26,243
Total stockholders' equity	$	220,980	$	—	$	220,980
Total liabilities and stockholders' equity	$	241,169	$	6,054	$	247,223

Supplemental cash flow information related to leases

Supplemental cash flow information related to leases is as follows (in thousands):

	Six Months Ended June 30, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	583
Operating cash outflows - payments on financing leases	$	21
Financing cash outflows - payments on financing leases	$	16
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	7,605
Financing leases	$	366

Supplemental balance sheet information related to leases

Supplemental balance sheet information related to the Company’s operating and financing leases is as follows (in thousands):

	June 30, 2022
Operating Leases:
Operating lease assets	$	7,189
Accrued expenses and other current liabilities	$	694
Operating lease liabilities		7,405
Total operating lease liabilities	$	8,099
Financing Leases:
Office furniture and fixtures	$	386
Accumulated depreciation		(45)
Net property, plant and equipment	$	341
Current portion of long-term debt	$	35
Long-term debt		322
Total financing lease liabilities	$	357
Weighted-average remaining lease term - operating leases:		7.04
Weighted-average remaining lease term - financing leases:		7.00
Weighted-average discount rate - operating leases:		3.7	%
Weighted-average discount rate - financing leases:		12.0	%

Components of lease expense

The components of lease expense were as follows (in thousands):

	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
Operating lease cost	$	288	$	549
Financing lease cost - amortization of right-of-use asset		12		24
Financing lease cost - interest on lease liability		11		21
Short-term lease cost		15		31
Variable lease cost		150		316
Total lease cost	$	476	$	941

Maturities of the Company's financing lease liability

Maturities of the Company’s financing lease liability as of June 30, 2022 were as follows (in thousands):

	Financing Leases
2022 (excluding the six months ended June 30)	$	38
2023		75
2024		75
2025		75
2026		75
Thereafter		187
Total lease payments	$	525
Less imputed interest		(168)
Total present value of lease liabilities	$	357

Maturities of the Company's operating lease liabilities

Maturities of the Company’s operating lease liabilities as of June 30, 2022 were as follows (in thousands):

	Operating Leases
2022 (excluding the six months ended June 30)	$	624
2023		1,273
2024		1,306
2025		1,339
2026		1,372
Thereafter		3,627
Total lease payments	$	9,541
Less imputed interest		(1,171)
Total present value of lease liabilities	$	8,370

Maturities of the Company’s operating lease liabilities as of December 31, 2021 were as follows (in thousands):

	Year Ended
	December 31, 2021
2022	$	1,139
2023		1,169
2024		1,199
2025		1,229
2026		1,044
Thereafter		1,953
Total minimum lease commitments	$	7,733