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Leases (Tables)
6 Months Ended
Jun. 30, 2024
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 three and six months ended June 30, 2024 and 2023 (in thousands):

 

 

Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

2024

 

2023

 

 

2024

 

 

2023

 

Operating lease cost

$

675

 

$

708

 

 

$

1,321

 

 

$

1,360

 

Variable lease cost

 

198

 

 

243

 

 

 

396

 

 

 

486

 

Total lease cost

$

873

 

$

951

 

 

$

1,717

 

 

$

1,846

 

 

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:

 

 

 

June 30, 2024

 

December 31, 2023

 

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

 

 

2.38

 

 

2.88

 

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

 

 

10.36

 

 

10.75

 

 

 

 

 

 

 

Weighted average discount rate – Finance leases

 

 

10.53

%

 

10.52

%

Weighted average discount rate – Operating leases

 

 

7.82

%

 

7.80

%

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 Six Months Ended June 30,

 

 

2024

 

 

2023

 

Operating cash flows for operating leases

$

1,391

 

 

$

1,631

 

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

As of June 30, 2024, 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

$

1,423

 

$

227

 

2025

 

2,910

 

 

454

 

2026

 

2,485

 

 

399

 

2027

 

2,577

 

 

 

2028

 

2,673

 

 

 

Thereafter

 

17,045

 

 

 

Total lease payments

 

29,113

 

 

1,080

 

Less: imputed interest

 

(9,596

)

 

(129

)

Total lease liabilities

$

19,517

 

$

951

 

Lease liabilities, current

 

1,383

 

 

371

 

Lease liabilities, non-current

 

18,134

 

 

580

 

Total lease liabilities

$

19,517

 

$

951