Leases

6 Months Ended

Jun. 30, 2022

7. Leases

The Company’s leases relate primarily to office facilities that expire on various dates from 2023 through 2027. The terms of the Company's non-cancelable operating lease arrangements typically contain fixed lease payment which increases over the term of the lease at fixed rates, and include rent holidays and provide for additional renewal periods. Lease expense is recognized over the term of the lease on a straight-line basis. All of the Company’s leases are classified as operating leases. The Company has determined that periods covered by options to extend the Company’s leases are excluded from the lease term as the Company is not reasonably certain the Company will exercise such options. Operating lease expense, including expenses related to short-term leases, was $0.2 million and $0.3 million for the three and six months ended June 30, 2022, respectively. Operating lease expense, including expenses related to short-term leases, was $0.1 million for both the three and six months ended June 30, 2021, respectively.

The Company records its right-of-use (ROU) assets within other assets (long term) and its operating lease liabilities within other current and long-term liabilities.

Additional information related to the Company’s leases as of and for the six months ended June 30, 2022, is as follows (in thousands, except lease term and discount rate):


	June 30, 2022
Balance sheet information
ROU assets	$	1,418
Lease liabilities, current	$	434
Lease liabilities, non-current		1,025
Total lease liabilities	$	1,459
Other information
Weighted average remaining lease term		3.44
Weighted average discount rate		8.25	%
Supplemental cash flow information
Operating cash flows from operating leases	$	183
ROU assets obtained in exchange for lease obligations	$	—

Maturities of lease liabilities as of June 30, 2022 were as follows (in thousands):


Remainder of 2022	$	283
Year ending December 31, 2023		494
Year ending December 31, 2024		492
Year ending December 31, 2025		219
Year ending December 31, 2026		169
Year ending December 31, 2027		28
Total undiscounted lease payments		1,685
Less: imputed interest		(226	)
Total lease liabilities	$	1,459

As of June 30, 2022, the Company does not have any leases that have not yet commenced that create significant rights and obligations.