Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Summary of Operating Lease Costs Recognized under ASC 842 and Supplemental Cash Flow Information for Leases

The following table contains a summary of the operating lease costs recognized under ASC 842 and supplemental cash flow information for leases:

	Three Months Ended March 31,
	2024		2023
Fixed lease expense	$	126	$	112
Total lease cost	$	126	$	112
Other information:
Cash paid for amounts included in the measurement of lease liabilities	$	115	$	64
Right-of-use assets obtained in exchange for new operating lease liabilities	$	324	$	—

Summary Balance Sheet Classification of Operating Leases and Weighted Average Remaining Lease Term and Discount Rate

The following table summarizes the balance sheet classification of the Company’s operating leases, amounts of ROU assets and lease liabilities, the weighted average remaining lease term, and the weighted average discount rate for the Company’s operating leases:

	March 31,			December 31,
(in thousands)	2024			2023
Lease assets
Operating lease right-of-use assets	$	2,202		$	1,877
Total lease assets	$	2,202		$	1,877
Lease liabilities
Current:
Operating lease liabilities	$	406		$	311
Non-current:
Operating lease liabilities		1,917			1,680
Total lease liabilities	$	2,323		$	1,991
Weighted-average remaining lease term — operating leases (years)		4.57			4.92
Weighted-average discount rate — operating leases		8.10	%		8.31	%

Summary of Payments by Date for Operating Lease

The following table summarizes the payments by date for the Company’s operating lease, which is then reconciled to the total lease obligation:

As of March 31,	(in thousands)
2024 (remaining nine months)		429
2025		590
2026		610
2027		630
2028		524
Thereafter		—
Total lease payments		2,783
Less: Interest		(460	)
Present value of lease liabilities	$	2,323