Operating Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Summary of Quantitative Information About Operating Leases and Components of Lease Cost

The following table summarizes quantitative information about the Company’s operating leases for the three months ended March 31, 2023 and 2022 (dollars in thousands):

	Three Months Ended March 31,
	2023			2022
	(unaudited)
Operating cash flows from operating leases	$	281		$	98
Weighted average remaining lease term – operating leases (in years)	4.7			3.4
Weighted average discount rate – operating leases	7.0		%	7.0		%

The following table provides the components of the Company’s operating lease expense for the three months ended March 31, 2023 and 2022 (in thousands):

	Three Months Ended March 31,
	2023		2022
	(unaudited)
Operating leases
Operating lease cost	$	251	$	247
Variable lease cost	81		77
Total operating lease expense	$	332	$	324

Summary of Future Minimum Payments Under the Non-cancelable Operating Leases

As of March 31, 2023, future minimum payments under the non-cancelable operating leases under ASC 842 were as follows (in thousands):

Nine months ending December 31, 2023	$	330
Year ending December 31, 2024	1,159
Year ending December 31, 2025	1,151
Year ending December 31, 2026	1,185
Year ending December 31, 2027	1,221
Total	5,046
Less: present value discount	(824)
Operating lease liabilities	$	4,222