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Leases
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases Leases
Company as a lessee
The Company has two operating leases for office space that have lease periods expiring in 2025 and 2026, each 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 dates that the Company would exercise either or both of these options to extend the leases. The Company has signed a third operating lease for office space. However, the Company has not taken possession of the office space and, as such, no right-of use asset and lease liability has been recognized for this operating 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 income (loss) are as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Operating lease cost$579 $413 $1,515 $1,239 
Short-term lease cost244 — 891 — 
Sublease income(169)(189)(662)(566)
Total lease cost$654 $224 $1,744 $673 
Supplemental cash flow information related to the leases is as follows:
Nine Months Ended
September 30,
20242023
Cash paid for amounts included in the measurement of lease liabilities$1,485 $1,267 
Right-of-use assets obtained in exchange for lease liabilities:
New lease entered into during the year $797 $— 
Supplemental balance sheet information related to the leases as of September 30, 2024 and December 31, 2023, is as follows:
September 30,
2024		December 31,
2023
Assets:
Right-of-use assets$2,922$3,362
Liabilities:
Accrued expenses and other current liabilities2,2191,405
Lease liability, long-term portion1,0302,241
Total operating lease liabilities$3,249$3,646
Weighted average remaining operating lease term (years)1.42.3
Weighted average operating lease discount rate5.12%11.41%
The Company’s leases do 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 the lease commencements. Future maturities of lease liabilities as of September 30, 2024, are as follows:
Remainder of 2024$636 
20252,254 
2026605 
Thereafter— 
Total lease payments$3,495 
Less: imputed interest(246)
Total lease liabilities$3,249 
There were no leases with residual value guarantees as of September 30, 2024.
Company as a lessor
The Company is a sublessor on one operating lease that expires in April 2026.
Future non-cancelable rent payments from the Company's sublease tenant as of September 30, 2024, were as follows:
Remainder of 2024$180 
2025729 
2026249 
Thereafter— 
$1,158 
Leases Leases
Company as a lessee
The Company has two operating leases for office space that have lease periods expiring in 2025 and 2026, each 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 dates that the Company would exercise either or both of these options to extend the leases. The Company has signed a third operating lease for office space. However, the Company has not taken possession of the office space and, as such, no right-of use asset and lease liability has been recognized for this operating 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 income (loss) are as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Operating lease cost$579 $413 $1,515 $1,239 
Short-term lease cost244 — 891 — 
Sublease income(169)(189)(662)(566)
Total lease cost$654 $224 $1,744 $673 
Supplemental cash flow information related to the leases is as follows:
Nine Months Ended
September 30,
20242023
Cash paid for amounts included in the measurement of lease liabilities$1,485 $1,267 
Right-of-use assets obtained in exchange for lease liabilities:
New lease entered into during the year $797 $— 
Supplemental balance sheet information related to the leases as of September 30, 2024 and December 31, 2023, is as follows:
September 30,
2024		December 31,
2023
Assets:
Right-of-use assets$2,922$3,362
Liabilities:
Accrued expenses and other current liabilities2,2191,405
Lease liability, long-term portion1,0302,241
Total operating lease liabilities$3,249$3,646
Weighted average remaining operating lease term (years)1.42.3
Weighted average operating lease discount rate5.12%11.41%
The Company’s leases do 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 the lease commencements. Future maturities of lease liabilities as of September 30, 2024, are as follows:
Remainder of 2024$636 
20252,254 
2026605 
Thereafter— 
Total lease payments$3,495 
Less: imputed interest(246)
Total lease liabilities$3,249 
There were no leases with residual value guarantees as of September 30, 2024.
Company as a lessor
The Company is a sublessor on one operating lease that expires in April 2026.
Future non-cancelable rent payments from the Company's sublease tenant as of September 30, 2024, were as follows:
Remainder of 2024$180 
2025729 
2026249 
Thereafter— 
$1,158