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Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases Leases
The Company leases office and manufacturing facilities under non-cancelable operating leases expiring at various dates through September 2028. In October 2021, the Company entered into a lease agreement commencing on April 1, 2022 for a term of 65 months through August 31, 2027. In September 2022, the Company entered into a lease agreement for a term of 66 months through February 2028. Some of the Company’s leases include one or more options to renew, with renewal terms that if exercised by the Company, extend the lease term from one to six years. The exercise of these renewal options is at the Company’s discretion. The Company’s lease agreements do not contain any material terms and conditions of residual value guarantees or material restrictive covenants. The Company’s short-term leases and sublease income were not material.
The Company adopted ASC 842 using the modified retrospective method on January 1, 2021 and elected the available package of practical expedients upon adoption. The most significant impact of the adoption of ASC 842 was the recognition of right-of-use, or ROU, assets and lease liabilities for operating leases of $10.8 million and $12.0 million, respectively, and a reversal of deferred rent of $1.2 million on January 1, 2021. The Company’s accounting for finance leases remained substantially unchanged. The adoption of ASC 842 did not have any impact on the Company’s operating results or cash flows.
The components of lease expenses were as follows (in thousands):
Year Ended
December 31, 2022December 31, 2021
Operating lease cost$6,533 $4,654 
Variable lease cost2,230 1,703 
Total operating lease cost$8,763 $6,357 
Supplemental cash flow information related to leases was as follows (in thousands):
Year Ended
December 31, 2022December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Cash paid for operating leases included in operating activities$(6,070)$(4,609)
Right of use assets obtained in exchange for lease obligations:
Operating leases16,749 2,876 
Supplemental balance sheet information related to leases was as follows (in thousands):
December 31, 2022December 31, 2021
Operating leases:
Operating lease right-of-use assets$21,244 $9,145 
Operating lease liabilities:
Operating lease liabilities, current$5,953 $4,735 
Operating lease liabilities, non-current16,989 5,768 
Total operating lease liabilities$22,942 $10,503 
Weighted average remaining terms were as follows (in years):
December 31, 2022December 31, 2021
Weighted average remaining lease term
Operating leases4.432.95
Weighted average discount rates were as follows:
December 31, 2022December 31, 2021
Weighted average discount rate
Operating leases5.45 %2.80 %
Maturities of lease liabilities were as follows (in thousands):
Year Ending December 31,Operating Leases
2023$6,190 
20245,123 
20255,193 
20264,732 
20273,927 
Thereafter1,149 
Total lease payments26,314 
Less: imputed interest(3,372)
Total leases liabilities$22,942 
Leases Leases
The Company leases office and manufacturing facilities under non-cancelable operating leases expiring at various dates through September 2028. In October 2021, the Company entered into a lease agreement commencing on April 1, 2022 for a term of 65 months through August 31, 2027. In September 2022, the Company entered into a lease agreement for a term of 66 months through February 2028. Some of the Company’s leases include one or more options to renew, with renewal terms that if exercised by the Company, extend the lease term from one to six years. The exercise of these renewal options is at the Company’s discretion. The Company’s lease agreements do not contain any material terms and conditions of residual value guarantees or material restrictive covenants. The Company’s short-term leases and sublease income were not material.
The Company adopted ASC 842 using the modified retrospective method on January 1, 2021 and elected the available package of practical expedients upon adoption. The most significant impact of the adoption of ASC 842 was the recognition of right-of-use, or ROU, assets and lease liabilities for operating leases of $10.8 million and $12.0 million, respectively, and a reversal of deferred rent of $1.2 million on January 1, 2021. The Company’s accounting for finance leases remained substantially unchanged. The adoption of ASC 842 did not have any impact on the Company’s operating results or cash flows.
The components of lease expenses were as follows (in thousands):
Year Ended
December 31, 2022December 31, 2021
Operating lease cost$6,533 $4,654 
Variable lease cost2,230 1,703 
Total operating lease cost$8,763 $6,357 
Supplemental cash flow information related to leases was as follows (in thousands):
Year Ended
December 31, 2022December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Cash paid for operating leases included in operating activities$(6,070)$(4,609)
Right of use assets obtained in exchange for lease obligations:
Operating leases16,749 2,876 
Supplemental balance sheet information related to leases was as follows (in thousands):
December 31, 2022December 31, 2021
Operating leases:
Operating lease right-of-use assets$21,244 $9,145 
Operating lease liabilities:
Operating lease liabilities, current$5,953 $4,735 
Operating lease liabilities, non-current16,989 5,768 
Total operating lease liabilities$22,942 $10,503 
Weighted average remaining terms were as follows (in years):
December 31, 2022December 31, 2021
Weighted average remaining lease term
Operating leases4.432.95
Weighted average discount rates were as follows:
December 31, 2022December 31, 2021
Weighted average discount rate
Operating leases5.45 %2.80 %
Maturities of lease liabilities were as follows (in thousands):
Year Ending December 31,Operating Leases
2023$6,190 
20245,123 
20255,193 
20264,732 
20273,927 
Thereafter1,149 
Total lease payments26,314 
Less: imputed interest(3,372)
Total leases liabilities$22,942