The Company leases office space, warehouse and manufacturing space, and equipment. The Company's lease agreements have remaining lease terms of one year to 10 years, and some of these leases have renewal and termination options. Such termination options are exercisable at the Company’s option. Terms and conditions to extend or terminate such leases are recognized as part of the right-of-use assets and lease liabilities where reasonably certain to be exercised. All of the Company's leases are operating leases.

The Company determines if an arrangement is an operating lease at a lease's inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other operating leases are recorded on the balance sheet with a corresponding

operating lease asset, net, representing the right to use the underlying asset for the lease term and the operating lease liabilities representing the obligation to make lease payments arising from the lease. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants.

Operating lease assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when such options are reasonably certain to be exercised. The present value of lease payments is determined primarily using the incremental borrowing rate, adjusted for the lease term, based on the information available at the lease commencement date. Lease agreements with lease and non-lease components are generally accounted for as a single lease component. The Company’s operating lease expense is recognized on a straight-line basis over the lease term.

Operating lease expense was $0.8 million and $1.6 million for the three and six months ended June 30, 2022, respectively. Rent expense for the three and six months ended June 30, 2021 was $0.5 million and $0.9 million, respectively. Cash paid for amounts included in the measurement of the lease liabilities was $0.7 million and $1.4 for the three and six months ended June 30, 2022, respectively. The weighted-average discount rate is 4.1% and the weighted-average remaining lease term is 8.1 years as of June 30, 2022.

Maturities of operating lease liabilities at June 30, 2022 is as follows (in thousands):


	Amount
Remainder of 2022	$	1,442
2023		3,016
2024		3,009
2025		2,769
2026		2,724
Thereafter		10,194
Total lease payments		23,154
Less: imputed interest		(3,550	)
Present value of lease liabilities	$	19,604