Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

4. Leases

Our principal executive office is located in New York, New York, where we lease approximately 7,900 square feet of office space under a lease that terminates in 2027, with an option for the Company to extend the lease for an additional five years which is not reasonably assured of exercise. We also occupy approximately 8,200 square feet of office space in San Francisco, California, under a lease that terminates in 2022 with no option to extend.

Operating lease expense was $0.3 million and $0.3 million for the three months ended March 31, 2022 and 2021, respectively. Expense related to variable leases was not significant for the three months ended March 31, 2022 and 2021. Operating cash flows for the three months ended March 31, 2022 and 2021 included $0.3 million and $0.3 million for operating leases, respectively.

The following table presents the future minimum lease analysis of the Company's operating lease liabilities showing the aggregate lease payments as of March 31, 2022.

	March 31, 2022
	(In thousands)
2022 (remaining 9 months)	$	700
2023		552
2024		599
2025		615
2026 and thereafter		711
Total undiscounted lease payments		3,177
Less: imputed interest		(392	)
Total operating lease liabilities	$	2,785

The weighted average incremental borrowing rate used to determine the operating lease liabilities was 6.0%. The Company's weighted average remaining lease term was 4.4 years as of March 31, 2022.