Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

5. COMMITMENTS AND CONTINGENCIES

Facilities Lease Agreements

In January 2022, the Company entered into a new 8-year office lease agreement for a 20,116 square feet facility in Brisbane, California (“Brisbane Lease”). The lease commenced in December 2022.

As of June 30, 2024 and December 31, 2023, the balance of the operating lease right of use assets were $9,159 and $9,952, respectively, and the related operating lease liability were $9,602 and $10,112, respectively, as shown in the accompanying consolidated balance sheets.

Rent expense was $587 and $1,272 for the three and six months ended June 30, 2024, respectively. Rent expense was $659 and $1,369 for the three and six months ended June 30, 2023, respectively.

As of June 30, 2024, future minimum lease payments under the Company's operating lease liabilities were as follows:



Year Ending	Total Commitment
2024 (excluding six months ended June 30, 2024)	$	898
2025		1,861
2026		1,926
2027		1,994
2028 and beyond		6,410
Total minimum lease payments		13,089
Less: imputed interest		(3,487	)
Present value of operating lease obligations		9,602
Less: current portion		(939	)
Noncurrent operating lease obligations	$	8,663

Related to this Brisbane Lease agreement, the Company entered into a letter of credit with a bank to deposit $388 in a separate account that is classified as restricted cash to serve as security rent deposit. This amount is included in other noncurrent assets in the accompanying consolidated balance sheets as of June 30, 2024.