Leases

6 Months Ended

Jun. 30, 2022

The Company leases real estate for office space under operating leases.

As of June 30, 2022, the remaining lease terms varied from 0.5 years to 3.1 years. For certain leases, the Company has an option to extend the lease term for a period of 5 years. This renewal option is not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options.

Operating lease expense, included in rent and occupancy in the unaudited condensed consolidated statements of operations and comprehensive loss, for the three and six months ended June 30, 2022 was $1,031 and $2,260, respectively. Operating lease expense for the three and six months ended June 30, 2021 was $839 and $1,669, respectively. Sublease income of $150 and $237 for the three and six months ended June 30, 2022 are included in other income, net in the unaudited condensed consolidated statements of operations and comprehensive loss.

The table below presents additional information related to the Company’s operating leases:


	June 30, 2022			December 31, 2021

Operating lease right-of-use assets	$	5,373		$	7,881
Operating lease liabilities, current	$	4,827		$	5,367
Operating lease liabilities, noncurrent	$	2,859		$	5,159
Weighted-average remaining lease term (in years)	1.8			2.0
Weighted-average discount rate	4.9		%	4.9		%

Future undiscounted lease payments under operating leases as of June 30, 2022 were as follows:


	Lease Payment Obligation		Sublease Income		Net Lease Obligation

Remainder of 2022	$	2,997	$	(452)	$	2,545
2023	3,706		(768)		2,938
2024	936		(360)		576
2025	393		(210)		183
2026	—		—		—
Total undiscounted lease payments	$	8,032	$	(1,790)	$	6,242
Less: Imputed interest	(346)
Present value of future lease payments	$	7,686
Less: operating lease liabilities, current	4,827
Operating lease liabilities, noncurrent	$	2,859

As of June 30, 2022, the Company did not have any additional significant lease contracts that had not yet commenced.

During the six months ended June 30, 2022, the Company ceased using one of its leased office spaces and made a decision to sublease this space to a third party. The sublease agreement was signed in April 2022. Based on the terms of the sublease agreement, the Company determined that the right-of-use asset related to this office space is impaired, and recorded an impairment loss of $18 and $283 for the three and six months ended June 30, 2022, respectively, in rent and occupancy in the unaudited condensed consolidated statement of operations and comprehensive loss.