ROU Assets and Lease Liabilities

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

ROU Assets and Lease Liabilities

ROU Assets and Lease Liabilities

The Company’s right-of-use ("ROU") assets and lease liabilities are comprised of the following as of each period end:

	As of
(Amounts in thousands)	June 30, 2023		December 31, 2022
Operating leases:
Right-of-use assets	$	4,468	$	2,686
Lease liability, current	$	651	$	781
Lease liability, non-current	$	4,544	$	2,365
Finance leases:
Right-of-use assets	$	31	$	116
Lease liability, current	$	55	$	53
Lease liability, non-current	$	38	$	61

Other information related to leases is presented below:

	Three Months Ended June 30,				Six Months Ended June 30,
(Amounts in thousands)	2023		2022		2023		2022
Other information:
Operating lease cost	$	95	$	465	$	416	$	534
Variable lease cost	$	134	$	—	$	229	$	—
Sublease income	$	54	$	—	$	129	$	—
Operating cash flows from operating right-of-use assets	$	229	$	—	$	646	$	438
Remeasurement of operating right-of-use assets	$	759	$	—	$	759	$	—

During the three months ended June 30, 2023, the Company remeasured its operating right-of-use assets due to a change in the lease terms of the underlying leases, resulting in a net increase in the right-of-use assets and lease liabilities by approximately $0.8 million. In addition, during the three months ended June 30, 2023, one of the Company's operating leases was assumed by a third party, resulting in the settlement of the lease liability of approximately $1.2 million (presented in the unaudited condensed consolidated statements of cash flows) and recognition of a gain of approximately $0.1 million included within gain on disposal of assets in the unaudited condensed consolidated statements of operations.

	As of
	June 30, 2023		December 31, 2022
Weighted-average remaining lease term – operating leases (in months)	78.8		49.8
Weighted-average discount rate – operating leases	6.9	%	2.9	%

As of June 30, 2023, the annual minimum lease payments of the Company’s operating lease liabilities were as follows (in thousands):

For The Years Ending December 31,
2023 (excluding the six months ended June 30, 2023)	$	486
2024	961
2025	868
2026	870
2027	883
Total future minimum lease payments, undiscounted	6,641
Less: Imputed interest	(1,446)
Present value of future minimum lease payments	$	5,195

ROU Assets and Lease Liabilities

ROU Assets and Lease Liabilities

The Company’s right-of-use ("ROU") assets and lease liabilities are comprised of the following as of each period end:

	As of
(Amounts in thousands)	June 30, 2023		December 31, 2022
Operating leases:
Right-of-use assets	$	4,468	$	2,686
Lease liability, current	$	651	$	781
Lease liability, non-current	$	4,544	$	2,365
Finance leases:
Right-of-use assets	$	31	$	116
Lease liability, current	$	55	$	53
Lease liability, non-current	$	38	$	61

Other information related to leases is presented below:

	Three Months Ended June 30,				Six Months Ended June 30,
(Amounts in thousands)	2023		2022		2023		2022
Other information:
Operating lease cost	$	95	$	465	$	416	$	534
Variable lease cost	$	134	$	—	$	229	$	—
Sublease income	$	54	$	—	$	129	$	—
Operating cash flows from operating right-of-use assets	$	229	$	—	$	646	$	438
Remeasurement of operating right-of-use assets	$	759	$	—	$	759	$	—

During the three months ended June 30, 2023, the Company remeasured its operating right-of-use assets due to a change in the lease terms of the underlying leases, resulting in a net increase in the right-of-use assets and lease liabilities by approximately $0.8 million. In addition, during the three months ended June 30, 2023, one of the Company's operating leases was assumed by a third party, resulting in the settlement of the lease liability of approximately $1.2 million (presented in the unaudited condensed consolidated statements of cash flows) and recognition of a gain of approximately $0.1 million included within gain on disposal of assets in the unaudited condensed consolidated statements of operations.

	As of
	June 30, 2023		December 31, 2022
Weighted-average remaining lease term – operating leases (in months)	78.8		49.8
Weighted-average discount rate – operating leases	6.9	%	2.9	%

As of June 30, 2023, the annual minimum lease payments of the Company’s operating lease liabilities were as follows (in thousands):

For The Years Ending December 31,
2023 (excluding the six months ended June 30, 2023)	$	486
2024	961
2025	868
2026	870
2027	883
Total future minimum lease payments, undiscounted	6,641
Less: Imputed interest	(1,446)
Present value of future minimum lease payments	$	5,195