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Operating Leases (Tables)

3 Months Ended

Mar. 31, 2024

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,
		2024			2023
Rent expense for long-term operating leases		$	314		$	309
Rent expense for short-term leases			47			95
Total rent expense		$	361		$	404

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, 2024 (in thousands):


Year		Amount
2024		$	966
2025			1,307
2026			1,338
2027			1,336
2028			964
2029 and thereafter			871
Total lease payments			6,782
Less: Interest			(1,509)
Net present value of lease liabilities		$	5,273

Current portion		$	804
Long-term portion			4,469
Total		$	5,273

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, 2024 were as follows:


Weighted-average lease term remaining		60 months
Weighted-average discount rate		9.39	%