Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14.Commitments and Contingencies

Leases

In September 2021, the Company entered a non-cancelable three-year lease for certain office space in Solana Beach, California, with an option to renew for an additional three-year term. The initial term of the lease started on November 1, 2021, and is serving as the Company's headquarters. Rent expense under this lease was $16,000 and $49,000 for the three and nine months ended September 30, 2023 and 2022, respectively.

During the three and nine months ended September 30, 2023, the Company paid $18,000 and $48,000, respectively, in lease payments. During the three and nine months ended September 30, 2022, the Company paid $13,000 and $48,000, respectively, in lease payments. All lease payments were included in operating activities in the statements of cash flows.

The following table summarizes supplemental balance sheet information related to leases as of September 30, 2023 and December 31, 2022 (in thousands):

	September 30, 2023		December 31, 2022
Assets:
Operating lease right-of-use assets	$	68	$	111
Total right-of-use assets		68		111
Liabilities
Operating lease liabilities, current		71		60
Operating lease liabilities, non-current		6		60
Total operating lease liabilities	$	77	$	120

As of September 30, 2023, the future minimum annual lease payments under the existing operating leases were as follows (in thousands, except for weighted-average remaining lease term and weighted-average discount rate):

Remainder of 2023	$	18
2024		62
Total remaining lease payments		80
Less: imputed interest		(3	)
Total operating lease liabilities		77
Less: current portion		(71	)
Long-term operating lease liabilities	$	6
Weighted-average remaining lease term (in years)		1.08
Weighted-average discount rate		8	%