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Leases
 3 Months Ended
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,
20242023
Operating lease cost$413 $413 
Short-term lease cost305 — 
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,
20242023
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 liabilities1,4711,405
Lease liability, long-term portion1,8562,241
Total operating lease liabilities$3,327$3,646
Weighted average remaining operating lease term (years)2.12.3
Weighted average operating lease discount rate11.41%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 
20251,799 
2026605 
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 
2025729 
2026249 
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,
20242023
Operating lease cost$413 $413 
Short-term lease cost305 — 
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,
20242023
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 liabilities1,4711,405
Lease liability, long-term portion1,8562,241
Total operating lease liabilities$3,327$3,646
Weighted average remaining operating lease term (years)2.12.3
Weighted average operating lease discount rate11.41%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 
20251,799 
2026605 
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 
2025729 
2026249 
Thereafter— 
$1,538