Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

9. Leases

The Company leases its corporate headquarters of 21,020 rentable square feet in accordance with a non-cancellable 89-month operating lease agreement as amended and effective in January 2017, with an option to extend for an additional 60 months. On September 20, 2023, the Company entered into an amendment to its corporate headquarters lease agreement to exercise the extension option for an additional 60 months through June 30, 2029, with an option to further extend for an additional 60 months. The Company also leases an additional office space of 6,003 rentable square feet in accordance with a non-cancellable 90-month operating lease agreement entered into in April 2017, with an option to extend for an additional 60 months. The extension option is not included in the determination of the lease term as it is not reasonably certain to be exercised.

For the three and six months ended June 30, 2024 and 2023, a summary of the Company’s lease information is shown below:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2024		2023		2024		2023
Lease cost:
Operating lease costs	$	195	$	168	$	389	$	336
Other information:
Cash paid for operating leases	$	196	$	191	$	390	$	381

As of June 30, 2024, the weighted average remaining operating lease term was 4.6 years.

As of June 30, 2024, scheduled future maturities and present value of the operating lease liabilities are as follows:

(In thousands)
Year	June 30, 2024
Remainder of 2024		400
2025		580
2026		519
2027		535
2028		551
2029 and thereafter		279
Total maturities	$	2,864
Present value included in condensed consolidated balance sheet:
Current portion of operating lease liabilities	$	529
Noncurrent operating lease liabilities		1,765
Total operating lease liabilities	$	2,294
Difference between the maturities and the present value of operating lease liabilities	$	570