Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

LeasesThe Company leases office space and equipment, and certain office space was subleased. Management determines if a contract is a lease at the inception of the arrangement and reviews all options to extend, terminate, or purchase its right-of-use assets at the inception of the lease and accounts for these options when they are reasonably certain of being exercised.

Leases with an initial term of greater than twelve months are recorded on the consolidated balance sheet. Lease expense is recognized on a straight-line basis over the lease term.

The Company’s lease contracts generally do not provide a readily determinable implicit rate. For these contracts, the estimated incremental borrowing rate is based on information available at the inception of the lease.

Operating lease cost consists of the following (in thousands):

	Year Ended December 31,
	2022		2021
Lease cost	$	1,654	$	2,297
Sublease income	(18)		(603)
Total lease cost	$	1,636	$	1,694

Operating lease assets and liabilities are summarized as follows (in thousands):

	Year Ended December 31,
	2022		2021
Right-of-use assets	$	3,722	$	4,866
Current lease liabilities	$	1,441	$	1,400
Long-term lease liabilities	2,976		4,467
Total lease liabilities	$	4,417	$	5,867

The maturity of operating lease liabilities is presented in the following table (in thousands):

	As of December 31, 2022
2023	$	1,664
2024	1,514
2025	1,158
2026	476
Total lease payments	4,812
Less imputed interest	395
Present value of lease liabilities	4,417