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Leases (Tables)
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Summary of Presentation of Operating Leases on Condensed Consolidated Balance Sheet

The following table summarizes the presentation of the Company’s operating leases on its consolidated balance sheets (in thousands):

 

Leases

 

Balance sheet classification

 

December 31, 2022

 

 

December 31, 2021

 

Assets:

 

 

 

 

 

 

 

 

Operating lease assets

 

Operating lease right-of-use assets

 

$

4,770

 

 

$

5,501

 

Total lease assets

 

 

 

$

4,770

 

 

$

5,501

 

Liabilities:

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

Operating lease liabilities

 

Operating lease liability, current

 

$

726

 

 

$

664

 

Noncurrent:

 

 

 

 

 

 

 

 

Operating lease liabilities

 

Operating lease liability, long-term

 

 

4,235

 

 

 

4,964

 

Total lease liabilities

 

 

 

$

4,961

 

 

$

5,628

 

Schedule of Components of Lease Cost

The components of lease cost under ASC 842 included within research and development expenses and general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss were as follows (in thousands):

 

 

 

For the Year Ended December 31,

 

Lease cost

 

2022

 

 

2021

 

Operating lease cost

 

$

1,143

 

 

$

1,144

 

Short-term lease cost

 

 

 

 

 

131

 

Variable lease cost

 

 

519

 

 

 

282

 

Sublease income

 

 

(537

)

 

 

(291

)

Total lease cost

 

$

1,125

 

 

$

1,266

 

Schedule of Future Minimum Annual Lease Commitments under Non-cancellable Operating Leases

Future minimum annual lease commitments under the Company’s non-cancellable operating leases as of December 31, 2022 were as follows (in thousands):

 

Year ended December 31,

 

Amount

 

 2023

 

$

1,087

 

 2024

 

 

1,098

 

 2025

 

 

1,131

 

 2026

 

 

1,165

 

 2027

 

 

1,200

 

Thereafter

 

 

404

 

Total lease payments

 

 

6,085

 

Less: interest

 

 

(1,124

)

Present value of operating lease liabilities

 

$

4,961