Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease-Related Costs

Lease-related costs for the years ended December 31, 2023 and 2022 are as follows (in thousands):

	2023		2022
Operating lease cost	$	3,478	$	3,182
Variable lease cost		1,678		1,370
Total lease cost	$	5,156	$	4,552

Maturities of Operating Lease Liabilities

As of December 31, 2023, the maturities of the operating lease liabilities and a reconciliation to the present value of lease liabilities were as follows (in thousands):

	Remaining Lease Payments
2024	$	4,436
2025		4,527
2026		4,585
2027		4,549
2028		2,975
Thereafter		10,053
Total remaining undiscounted lease payments	$	31,125
Less: Imputed interest		(6,718	)
Less: Lease incentives (1)		(9,104	)
Total operating lease liabilities		15,303
Less: current portion		(1,566	)
Long-term operating lease liabilities	$	13,737
Weighted-average remaining lease term (in years)		6.4
Weighted-average discount rate		7.9	%

⁽¹⁾
Includes lease incentives that may be realized in 2024 for the costs of leasehold improvements.

Supplemental Cash Flow Information

The following table provides certain cash flow and supplemental cash flow information related to the Company’s lease liabilities for the years ended December 31, 2023 and 2022 (in thousands):

	2023		2022
Operating cash paid to settle operating lease liabilities	$	4,298	$	2,390
Right-of-use assets obtained in exchange for lease liabilities	$	83	$	10,033