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Leases
12 Months Ended
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