XML 23 R14.htm IDEA: XBRL DOCUMENT v3.23.2
Leases
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Leases Leases
Company as a lessee
The Company has operating leases for office space. The leases have original lease periods expiring in 2026 with an option to renew. Renewal options are not recognized as part of the right-of-use assets and lease liabilities as it was not reasonably certain at the lease commencement date that the Company would exercise these options to extend the leases.
The Company elected certain practical expedients under ASC 842 which allows for the combination of lease and non-lease components of lease payments in determining right-of-use assets and related lease liabilities. The Company also elected the short-term lease exception. Leases with an initial term of twelve-months or less that do not include an option to purchase the under lying asset are not recorded on the consolidated balance sheets and are expensed on a straight-line basis over the lease term.
Components of lease cost included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss) are as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Operating lease cost$413 $413 $826 $826 
Sublease income(189)(183)(377)(366)
Total lease cost$224 $230 $449 $459 
Supplemental cash flow information related to leases is as follows:
Six Months Ended
June 30,
20232022
Cash paid for amounts included in the measurement of lease liabilities$839 $542 
Right-of-use assets obtained in exchange for lease liabilities:
Leases recognized upon adoption of ASC 842$— $5,585 
Supplemental balance sheet information related to leases as of June 30, 2023 and December 31, 2022 is as follows:
June 30, 2023December 31, 2022
Assets:
Right-of-use assets$3,966$4,535
Liabilities:
Accrued expenses and other current liabilities$1,148$1,050
Lease liability, long-term portion2,9773,658
Total operating lease liabilities$4,125$4,708
Weighted average remaining operating lease term (years)2.83.3
Weighted average operating lease discount rate11.41%11.41%
The Company’s leases do not provide a readily determinable implicit discount rate. The Company estimates its incremental borrowing rate as the discount rate based on the information available at lease commencement. Future maturities of lease liabilities as of June 30, 2023, are as follows:
Remainder of 2023$689 
20241,746 
20251,799 
2026605 
Thereafter— 
Total lease payments$4,839 
Less: imputed interest(714)
Total lease liabilities$4,125 
There were no leases with residual value guarantees or executed leases that had not yet commenced as of June 30, 2023.
Company as a lessor
The Company is a sublessor on one operating lease that expires in April 2026.
Future non-cancelable rent payments from the Company's sublease tenant as of June 30, 2023 were as follows:

Remainder of 2023$501 
2024649 
2025729 
2026249 
Thereafter— 
$2,129 
Leases Leases
Company as a lessee
The Company has operating leases for office space. The leases have original lease periods expiring in 2026 with an option to renew. Renewal options are not recognized as part of the right-of-use assets and lease liabilities as it was not reasonably certain at the lease commencement date that the Company would exercise these options to extend the leases.
The Company elected certain practical expedients under ASC 842 which allows for the combination of lease and non-lease components of lease payments in determining right-of-use assets and related lease liabilities. The Company also elected the short-term lease exception. Leases with an initial term of twelve-months or less that do not include an option to purchase the under lying asset are not recorded on the consolidated balance sheets and are expensed on a straight-line basis over the lease term.
Components of lease cost included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss) are as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Operating lease cost$413 $413 $826 $826 
Sublease income(189)(183)(377)(366)
Total lease cost$224 $230 $449 $459 
Supplemental cash flow information related to leases is as follows:
Six Months Ended
June 30,
20232022
Cash paid for amounts included in the measurement of lease liabilities$839 $542 
Right-of-use assets obtained in exchange for lease liabilities:
Leases recognized upon adoption of ASC 842$— $5,585 
Supplemental balance sheet information related to leases as of June 30, 2023 and December 31, 2022 is as follows:
June 30, 2023December 31, 2022
Assets:
Right-of-use assets$3,966$4,535
Liabilities:
Accrued expenses and other current liabilities$1,148$1,050
Lease liability, long-term portion2,9773,658
Total operating lease liabilities$4,125$4,708
Weighted average remaining operating lease term (years)2.83.3
Weighted average operating lease discount rate11.41%11.41%
The Company’s leases do not provide a readily determinable implicit discount rate. The Company estimates its incremental borrowing rate as the discount rate based on the information available at lease commencement. Future maturities of lease liabilities as of June 30, 2023, are as follows:
Remainder of 2023$689 
20241,746 
20251,799 
2026605 
Thereafter— 
Total lease payments$4,839 
Less: imputed interest(714)
Total lease liabilities$4,125 
There were no leases with residual value guarantees or executed leases that had not yet commenced as of June 30, 2023.
Company as a lessor
The Company is a sublessor on one operating lease that expires in April 2026.
Future non-cancelable rent payments from the Company's sublease tenant as of June 30, 2023 were as follows:

Remainder of 2023$501 
2024649 
2025729 
2026249 
Thereafter— 
$2,129