Leases

12 Months Ended

Dec. 31, 2023

8. Leases

The Company’s costs as a lessee for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):

	2023		2022		2021
Operating lease cost	$	4,219	$	3,750	$	3,912
Variable lease cost		253		129		29
Total lease costs	$	4,472	$	3,879	$	3,941

Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):

	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Total cash outflow for leases	$	4,633	$	3,954	$	4,374
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new lease obligations	$	2,783	$	3,021	$	44

The weighted average remaining lease term and weighted average discount rate of operating leases at December 31, 2023 and 2022 were as follows:

	2023			2022
Weighted average lease term remaining	14.1 years			14.8 years
Weighted average discount rate		7.2	%		7.2	%

The maturities of operating lease liabilities as of December 31, 2023 are as follows (in thousands):

	2023
2024	$	3,858
2025		3,874
2026		3,840
2027		3,661
2028		3,844
Thereafter		42,211
Total lease payments		61,288
Less imputed interest		(25,267	)
Present value of operating lease liabilities	$	36,021

In October 2023, the Company entered into a lease agreement for approximately 19,000 square feet of office space in the United States. The lease is expected to commence in July 2024 and expire in July 2035, although it may be terminated earlier at the Company’s election. The Company will recognize an initial right-of-use asset and associated lease liability of $5.5 million and $5.5 million, respectively, at lease inception.