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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | 8. LEASES The Company leases a building, offices and equipment under various lease agreements with terms extending through 2029. Under the terms of the building and office leases the Company bears the costs for certain insurance, property taxes and maintenance, and the lease agreements provide for increasing rental payments at fixed intervals. Components of lease costs, the weighted average remaining lease term and weighted average discount rate were as follows as of and for the year ended December 31, 2022:
Lease cost |  | December 31, 2022 |
Operating lease cost |  | $ | 2,513 |
Short-term lease cost |  |  | 36 |
Sub-lease income |  |  | (194 | )
Total lease cost |  | $ | 2,355 |
|  | Year Ended December 31, 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  |  | $2,128 |
Right-of-use assets obtained in exchange for new and modified operating lease liabilities |  |  | $4,892 |
Weighted average remaining lease term - operating leases |  |  | 5.87 years |
Weighted average discount rate - operating leases |  |  | 7.93 % |
Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the net present value of its lease payments, the Company used an estimated incremental borrowing rate that is applicable to the Company based on the information available at the later of the lease commencement date, lease modification date or the date of Adoption of Topic 842. As of December 31, 2022, the maturities of the Company’s operating lease liabilities were as follows:
Year |  |  |
2023 |  | $ | 2,422 |
2024 |  |  | 2,288 |
2025 |  |  | 2,198 |
2026 |  |  | 1,524 |
2027 |  |  | 1,566 |
Thereafter |  |  | 2,841 |
Total lease payments |  |  | 12,839 |
Less: Imputed interest |  |  | (2,636 | )
Present value of lease liabilities |  | $ | 10,203 |
Operating lease liabilities, current |  | $ | 2,345 |
Operating lease liabilities, noncurrent |  |  | 7,858 |
|  | $ | 10,203 |
Prior to the adoption of Topic 842 on January 1, 2022, the Company accounted for its leases under Topic 840. The Company recognized rent expense on a straight-line basis over the lease term, taking into account adjustments for provisions such as free or escalating monthly rental payments or deferred payment terms such as rent holidays that defer the commencement date of required payments. The Company recorded the difference between cash rent payments and the recognition of rent expense as deferred rent. Rent expense under the Company’s operating leases was $1.5 million for the 11 months ended December 31, 2021. Future minimum lease payments under non-cancelable operating leases as of December 31, 2021 are as follows:
Year ending December 31, |  |  |
2022 |  | $ | 1,808 |
2023 |  |  | 901 |
2024 |  |  | 928 |
2025 |  |  | 956 |
2026 |  |  | 81 |
Total minimum future lease payments |  | $ | 4,674 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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