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Operating Leases (Tables)

3 Months Ended

Mar. 31, 2023

Operating Leases

Schedule of operating lease expense recognized in financial statements

The table below summarizes the amounts recognized in the condensed consolidated financial statements related to operating leases for the periods presented (in thousands):


		For the Three Months Ended
		March 31,
		2023			2022
Rent expense for long-term operating leases		$	309		$	376
Rent expense for short-term leases			95			117
Total rent expense		$	404		$	493

Schedule of net present value of operating lease liability

The following table presents the maturity profile of the Company’s operating lease liabilities based on the contractual undiscounted payments with a reconciliation of these amounts to the remaining net present value of the operating lease liability reported in the condensed consolidated balance sheet as of March 31, 2023 (in thousands):


Year		Amount
2023		$	761
2024			858
2025			890
2026			927
2027			912
2028 and thereafter			1,553
Total lease payments			5,901
Less: Interest			(1,342)
Net present value of lease liabilities		$	4,559

Current portion		$	633
Long-term portion			3,926
Total		$	4,559

Schedule of weighted average remaining lease terms and discount rates

The weighted average remaining lease terms and discount rates for all of the Company’s operating leases as of March 31, 2023 were as follows:


Weighted-average lease term remaining (in months)		49
Weighted-average discount rate		9.10	%