In July 2019, the Company executed a non-cancellable lease agreement for 6,368 square feet of new space in Redwood City, California, which began in September 2019 and expired in May 2021. In April 2021, the Company

executed a non-cancellable operating lease agreement for the same 6,368 square feet of space, which began in June 2021 and expires in May 2023. The lease that expired in May 2021 also provided the Company with the right to use office furniture in the space and allowed the purchase of this furniture at the end of the lease term for $1. The Company has accounted for both leases of office space as operating leases. The office furniture included in the lease that expired in May 2021 was accounted for as a finance lease based on its relative standalone price as compared to the office space.

The Company’s operating lease ROU assets, current operating lease liabilities and long-term operating lease liabilities each appear as a separate line within the Company’s consolidated balance sheet. There were no current and long-term finance lease liabilities as of December 31, 2022 and December 31, 2021. As of December 31, 2022 and December 31, 2021, the Company’s short-term liabilities were equal to $0.2 million and $0.3 million, respectively, and the long-term operating lease liabilities were equal to $0.2 million as of December 31, 2021.

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


	Year Ended
	December 31, 2022		December 31, 2021
Operating lease cost:
Operating lease cost	$	324	$	316
Variable lease cost		—		6
Short-term lease cost		29		24
Total operating lease cost	$	353	$	346

Finance lease cost:
Amortization of right-of-use assets	$	—	$	4
Interest on lease liabilities		—		—
Total finance lease cost	$	—	$	4

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


	Year Ended
	December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	354	$	277
Operating cash flows from finance leases	$	—	$	—
Financing cash flows from finance leases	$	—	$	8

The following is a schedule by year of future maturities of the Company’s operating lease liabilities as of December 31, 2022 (in thousands):


2023		159
Total lease payments		159
Less interest		(4	)
Total	$	155

The weighted-average remaining lease term was 0.4 as of December 31, 2022 for the operating leases, and 1.4 years as of December 31, 2021 for both the operating and finance leases. The weighted average discount rate related to the Company’s operating lease liabilities was 9% as of December 31, 2022 for the operating leases, and 9% as of December 31, 2021 for both the operating and financing leases. The Company lease discount rates are based on estimates of its incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined. As the Company does not have any outstanding debt the Company estimates the incremental borrowing rate based on its estimated credit rating and available market information.