The Company has operating leases for its various facilities, including its two primary locations in College Park, Maryland, and Bothell, Washington. The College Park, Maryland facility is used for research and development, servicing customers and corporate functions and is leased from UMD. Refer to Note 18 for further information. The Bothell, Washington facility is used for manufacturing, research and development, and general office space. Both the College Park, Maryland, and Bothell, Washington, leases expire in 2030. As of December 31, 2023 and 2022, the weighted-average remaining lease term was 6.5 years and 7.9 years, respectively, and the weighted-average discount rate was 9.0% and 11.9%, respectively.

The Bothell, Washington facility lease includes a landlord-provided tenant improvement allowance to offset a portion of the costs of the construction of leasehold improvements. The Company determined that the leasehold improvements will be Company-owned, and as such, reflected the lease incentive as a reduction of lease payments used to measure the operating lease liability and ROU asset as of the lease commencement date.

The components of lease cost were as follows (in thousands):


	Year Ended December 31,
	2023		2022
Operating lease cost(1)
Fixed lease cost	$	1,458	$	763
Short-term cost		145		79
Total operating lease cost	$	1,603	$	842

(1)

The lease costs are reflected in the consolidated statements of operations as follows (in thousands):


	Year Ended December 31,
	2023		2022
Cost of revenue	$	145	$	53
Research and development		722		612
Sales and marketing		84		46
General and administrative		652		131
Total operating lease cost	$	1,603	$	842

Supplemental cash flow and other information related to operating leases was as follows (in thousands):


	Year Ended December 31,
	2023			2022
Cash payments (receipts) included in the measurement of operating lease liabilities, net	$	(1,790	)	$	644

As of December 31, 2023, maturities of operating lease liabilities are as follows (in thousands):


	Amount
Year Ending December 31,
2024	$	1,498
2025		2,089
2026		2,414
2027		2,449
2028		2,523
Thereafter		3,862
Total lease payments	$	14,835
Less: imputed interest		(3,748	)
Less: lease incentives		(2,982	)
Present value of operating lease liabilities	$	8,105

In December 2023, the Company amended the Bothell, Washington lease agreement to increase the rentable square feet by approximately 36,000 (the “Additional Space”), for a total of 101,000 square feet. The lease amendment is accounted for as a lease modification in accordance with ASC 842, resulting in a $0.8 million reduction to the ROU asset and lease liability for the existing space. The lease for the Additional Space will commence in 2024 and expire in 2030. The lease amendment provides for total future lease payments of approximately $4.3 million for the Additional Space.

In February 2024, the Company entered into a lease agreement for approximately 27,000 square feet in Arlesheim, Switzerland, which will commence in 2024 and expire in 2029, with total future lease payments of approximately $4.3 million.