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Leases | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases | Leases Company as a lessee The Company has one operating lease for office space. The lease has an original lease period expiring in 2026 with an option to renew. Renewal options are not recognized as part of the right-of-use assets and lease liabilities as it was not reasonably certain at the lease commencement date that the Company would exercise this option to extend the lease. The Company elected certain practical expedients under ASC Topic 842, Leases, which allows for the combination of lease and non-lease components of lease payments in determining right-of-use assets and related lease liabilities. The Company also elected the short-term lease exception. Leases with an initial term of twelve months or less that do not include an option to purchase the underlying asset are not recorded on the condensed consolidated balance sheets and are expensed on a straight-line basis over the lease term. Components of lease cost included in “Selling, general and administrative expenses” on the condensed consolidated statements of operations and comprehensive loss are as follows:
| Three Months Ended March 31,
| 2024 |  | 2023
Operating lease cost | $ | 413 |  |  | $ | 413 |
Short-term lease cost | 305 |  |  | — |
Sublease income | (256) |  |  | (189) |
Total lease cost | $ | 462 |  |  | $ | 224 |
Supplemental cash flow information related to the lease is as follows:
| Three Months Ended March 31,
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities | $ | 428 |  |  | $ | 416 |
Supplemental balance sheet information related to the lease as of March 31, 2024 and December 31, 2023 is as follows:
| March 31, 2024 |  | December 31, 2023
Assets: |  |  |
Right-of-use assets | $ | 3,046 |  | $ | 3,362
Liabilities: |  |  |
Accrued expenses and other current liabilities | 1,471 |  | 1,405
Lease liability, long-term portion | 1,856 |  | 2,241
Total operating lease liabilities | $ | 3,327 |  | $ | 3,646
Weighted average remaining operating lease term (years) | 2.1 |  | 2.3
Weighted average operating lease discount rate | 11.41% |  | 11.41%
The Company’s lease does not provide a readily determinable implicit discount rate. The Company estimates its incremental borrowing rate as the discount rate based on the information available at lease commencement. Future maturities of lease liabilities as of March 31, 2024, are as follows:
Remainder of 2024 | $ | 1,318 |
2025 | 1,799 |
2026 | 605 |
Thereafter | — |
Total lease payments | $ | 3,722 |
Less: imputed interest | (395) |
Total lease liabilities | $ | 3,327 |
There were no leases with residual value guarantees or executed leases that had not yet commenced as of March 31, 2024. Company as a lessor The Company is a sublessor on two operating leases that expire in May 2024 and April 2026. Future non-cancelable rent payments from the Company's sublease tenants as of March 31, 2024 were as follows:
Remainder of 2024 | $ | 560 |
2025 | 729 |
2026 | 249 |
Thereafter | — |
| $ | 1,538 |
Leases | Leases Company as a lessee The Company has one operating lease for office space. The lease has an original lease period expiring in 2026 with an option to renew. Renewal options are not recognized as part of the right-of-use assets and lease liabilities as it was not reasonably certain at the lease commencement date that the Company would exercise this option to extend the lease. The Company elected certain practical expedients under ASC Topic 842, Leases, which allows for the combination of lease and non-lease components of lease payments in determining right-of-use assets and related lease liabilities. The Company also elected the short-term lease exception. Leases with an initial term of twelve months or less that do not include an option to purchase the underlying asset are not recorded on the condensed consolidated balance sheets and are expensed on a straight-line basis over the lease term. Components of lease cost included in “Selling, general and administrative expenses” on the condensed consolidated statements of operations and comprehensive loss are as follows:
| Three Months Ended March 31,
| 2024 |  | 2023
Operating lease cost | $ | 413 |  |  | $ | 413 |
Short-term lease cost | 305 |  |  | — |
Sublease income | (256) |  |  | (189) |
Total lease cost | $ | 462 |  |  | $ | 224 |
Supplemental cash flow information related to the lease is as follows:
| Three Months Ended March 31,
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities | $ | 428 |  |  | $ | 416 |
Supplemental balance sheet information related to the lease as of March 31, 2024 and December 31, 2023 is as follows:
| March 31, 2024 |  | December 31, 2023
Assets: |  |  |
Right-of-use assets | $ | 3,046 |  | $ | 3,362
Liabilities: |  |  |
Accrued expenses and other current liabilities | 1,471 |  | 1,405
Lease liability, long-term portion | 1,856 |  | 2,241
Total operating lease liabilities | $ | 3,327 |  | $ | 3,646
Weighted average remaining operating lease term (years) | 2.1 |  | 2.3
Weighted average operating lease discount rate | 11.41% |  | 11.41%
The Company’s lease does not provide a readily determinable implicit discount rate. The Company estimates its incremental borrowing rate as the discount rate based on the information available at lease commencement. Future maturities of lease liabilities as of March 31, 2024, are as follows:
Remainder of 2024 | $ | 1,318 |
2025 | 1,799 |
2026 | 605 |
Thereafter | — |
Total lease payments | $ | 3,722 |
Less: imputed interest | (395) |
Total lease liabilities | $ | 3,327 |
There were no leases with residual value guarantees or executed leases that had not yet commenced as of March 31, 2024. Company as a lessor The Company is a sublessor on two operating leases that expire in May 2024 and April 2026. Future non-cancelable rent payments from the Company's sublease tenants as of March 31, 2024 were as follows:
Remainder of 2024 | $ | 560 |
2025 | 729 |
2026 | 249 |
Thereafter | — |
| $ | 1,538 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-30/tableOfContent + Details
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