Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Leases

The 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 (unaudited, in thousands):

	For the Three Months Ended March 31,
	2023		2022
Lease cost	$	410	$	434
Sublease income	—		(18)
Total lease cost	$	410	$	416

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

	As of March 31, 2023
2023	$	1,670
2024	1,519
2025	1,162
2026	479
Total lease payments	4,830
Less imputed interest	784
Present value of lease liabilities	$	4,046

Additional information relating to the Company’s operating leases follows (unaudited):

	As of March 31, 2023
Weighted average remaining lease term (years)	2.85
Weighted average discount rate	6.2	%