Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

6. Leases

The Company applies the guidance under Topic 842 for leases of real estate facilities under non-cancelable operating leases with various expiration dates through fiscal year 2026. The Company recognized the following amounts related to its operating leases in its consolidated statements of operations and cash flows (in thousands):

	Fiscal Year Ended December 31,
	2023		2022
Operating lease costs	$	6,335	$	6,794
Variable lease costs	$	1,068	$	810
Cash paid for amounts included in the measurement of operating lease liabilities, net of lease incentives	$	7,303	$	6,740

During the fiscal years ended December 31, 2023 and 2022, the Company recognized an immaterial amount for short term lease expense and no sublease income.

	December 31,
	2023		2022
Weighted average remaining term (years)	1.3		2.0
Weighted average discount rate	3.9	%	3.8	%

Future minimum lease payments under noncancellable operating leases with initial lease terms in excess of one year as of December 31, 2023, were as follows (in thousands):

2024	$	5,922
2025	809
2026	410
Gross lease payments	7,141
Less imputed interest	(192)
Present value of operating lease liabilities	$	6,949

Rent expense for operating leases under Topic 840 was $5.8 million for the fiscal year ended December 31, 2021.