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Leases (Tables)
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Lease Cost

The following table summarizes the lease costs recognized under ASC 842 and other information pertaining to the Company's operating leases for the year ended December 31, 2023 and 2022 (in thousands):

 

 

 

For the Year Ended December 31,

 

 

 

2023

 

 

2022

 

Operating lease cost

 

$

2,770

 

 

$

2,873

 

Variable lease cost

 

 

960

 

 

 

452

 

Total lease cost

 

$

3,730

 

 

$

3,325

 

Schedule of Supplemental Information Related to Remaining Lease Term and Discount Rate

Supplemental information related to the remaining lease term and discount rate are as follows:

 

 

 

December 31, 2023

 

December 31, 2022

 

Weighted average remaining lease term (in years) – Finance leases

 

 

2.88

 

 

3.88

 

Weighted average remaining lease term (in years) – Operating leases

 

 

10.75

 

 

11.45

 

 

 

 

 

 

 

Weighted average discount rate – Finance leases

 

 

10.52

%

 

10.51

%

Weighted average discount rate – Operating leases

 

 

7.80

%

 

7.72

%

Schedule of Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to the Company's operating leases are as follows (in thousands):

 

 

For the Year Ended December 31,

 

 

2023

 

 

2022

 

Operating cash flows for operating leases

$

2,824

 

 

$

2,486

 

 

Schedule of Future Minimum Commitments Under Company's Operating and Finance Leases

As of December 31, 2023, future minimum commitments under ASC 842 under the Company's operating and finance leases were as follows (in thousands):

 

Year Ending December 31,

Operating

 

Finance

 

2024

$

2,810

 

$

454

 

2025

 

2,910

 

 

454

 

2026

 

2,485

 

 

325

 

2027

 

2,577

 

 

73

 

2028

 

2,673

 

 

 

Thereafter

 

17,045

 

 

 

Total lease payments

 

30,500

 

 

1,306

 

Less: imputed interest

 

(10,255

)

 

(174

)

Total lease liabilities

$

20,245

 

$

1,132

 

Lease liabilities, current

 

1,292

 

 

354

 

Lease liabilities, non-current

 

18,953

 

 

778

 

Total lease liabilities

$

20,245

 

$

1,132