Leases

12 Months Ended

Dec. 31, 2023

In 2016, the Company entered into a lease agreement for its corporate headquarters in Oakland, California for 19,000 square feet of office space, which was subsequently amended resulting in a total of 63,000 square feet of office space being leased. The non-cancellable operating lease expires in February 2026 and includes options to extend the lease term, generally at the then-market rates. The Company excludes extension options that are not reasonably certain to be exercised from its lease terms. The Company’s lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. The Company is responsible for operating expenses that exceed the amount of base operating expenses as defined in the original lease agreement.

The Company's operating lease costs are as follows:


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	3,372	$	3,372	$	3,424
Variable lease cost	490		439		212
Short-term lease cost	247		435		358
Total lease cost	$	4,109	$	4,246	$	3,994

The Company does not have any sublease income and the Company’s lease agreements do not contain any residual value guarantees or material restrictive covenants.

The weighted average remaining operating lease term and the weighted average discount rate used in the calculation of the Company's lease assets and lease liabilities were as follows:


	December 31, 2023	December 31, 2022
Weighted average remaining operating lease term (in years)	2.1	3.1
Weighted average discount rate	7.7%	7.7%

Maturities of operating lease liabilities by year are as follows as of December 31, 2023:





2024	4,472
2025	4,599
2026	780

Total lease payments	$	9,851
Less imputed interest	(817)
Total operating lease liabilities	$	9,034