Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

6. Leases

The Company records an operating lease asset and an operating lease liability related to its operating leases (there are no finance leases). The Company’s corporate office lease expires in March 2027. As of June 30, 2023, the operating lease asset and operating lease liability were approximately $1.4 million and $2.3 million, respectively. As of December 31, 2022, the operating lease asset and operating lease liability were approximately $1.5 million and $2.6 million, respectively.

Future minimum payments under the operating leases as of June 30, 2023 are as follows (in thousands):

Year Ending December 31,	Amount
2023 (remaining six months)	$	341
2024		682
2025		682
2026		682
2027		169
Total		2,556
Less: Interest		230
Present value of operating lease liability	$	2,326

During each of the three month periods ended June 30, 2023 and 2022, the Company incurred approximately $0.1 million of total lease costs and for the six month periods ended June 30, 2023 and 2022, the Company incurred approximately $0.2 million and $0.1 million of total lease costs, respectively, that are included in the general and administrative expenses in the statements of operations.