Leases

3 Months Ended

Mar. 31, 2024

The Company leases office space, domestically and internationally, under operating leases. The Company’s leases have remaining lease terms generally between one year and seven years. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities and long-term operating lease liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets. The Company does not have any finance leases.

The table below reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded on the Unaudited Condensed Consolidated Balance Sheet as of March 31, 2024 (in thousands):


Years ending December 31,	Amount
2024 (remaining nine months)	$	4,616
2025	6,251
2026	6,502
2027	5,081
2028	4,545
Thereafter	8,453
Total minimum lease payments	35,448
Less: amount of lease payments representing interest	(4,827)
Present value of future minimum lease payments	30,621
Less: current obligations under leases	(4,722)
Long-term lease obligations	$	25,899

As of March 31, 2024, the weighted-average remaining lease term for the Company’s operating leases was 5.9 years and the weighted-average discount rate used to determine the present value of the Company’s operating leases was 6.7%.

Operating lease costs included in research and development and selling, general and administrative costs on the Unaudited Condensed Consolidated Statements of Operations were $1.2 million and $1.9 million for the three months ended March 31, 2024 and 2023, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities were $1.5 million and $2.2 million for the three months ended March 31, 2024 and 2023, respectively.