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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | 9. Leases The underlying assets of the Company’s leases primarily relate to office space leases, but also include some equipment leases. The Company determines if an arrangement qualifies as a lease at its inception. As of September 30, 2024 and December 31, 2023, all leases were classified as operating leases. Additional information related to the operating lease assets and liabilities is as follows (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Right-of-use assets |  | $ | 17,060 |  |  | $ | 16,745 |
Operating lease liabilities |  | $ | 18,203 |  |  | $ | 17,895 |
Weighted average remaining term in years |  |  | 2.84 |  |  | 2.83 |
Weighted average discount rate used to measure outstanding lease liabilities |  |  | 6.30 | % |  |  | 7.20 | %
For the three months ended September 30, 2024 and 2023, the total lease cost for operating lease expense was $1.7 million and $1.8 million, respectively. For the nine months ended September 30, 2024 and 2023, the total lease cost for operating lease expense was $5.6 million and $5.2 million, respectively. Supplemental cash flow information related to operating leases for the nine months ended September 30, 2024 and 2023 is as follows (in thousands):
|  | 2024 |  |  | 2023 |
Operating cash flows from operating leases |  | $ | 5,992 |  |  | $ | 6,186 |
The maturities of the Company’s operating lease liabilities as of September 30, 2024 are as follows (in thousands):
2024 |  |  |  | $ | 1,966 |
2025 |  |  |  |  | 7,421 |
2026 |  |  |  |  | 6,763 |
2027 |  |  |  |  | 2,064 |
2028 and thereafter |  |  |  |  | 1,485 |
Total future minimum lease payments |  |  |  |  | 19,699 |
Less imputed interest |  |  |  |  | (1,496 | )
Total operating lease liabilities |  |  |  | $ | 18,203 |

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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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