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Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
We conduct operations from certain leased facilities in various locations. At December 31, 2023, we had various non-cancelable operating leases for office space and equipment, which expire between January 2024, and November 2029, and which represent the non-cancelable periods of the leases and include extension options that we determined are reasonably certain to be exercised. We exclude extension options that are not reasonably certain to be exercised from our lease terms. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. We often receive customary incentives from our landlords, such as reimbursements for tenant improvements and rent abatement periods, which effectively reduce the total lease payments owed for these leases.
Operating lease liabilities on our consolidated balance sheets represent the present value of our remaining lease payments over the remaining lease terms. We do not allocate lease payments to non-lease components. We use our incremental borrowing rate to calculate the present value of our lease payments, as the implicit rates in our leases are not readily determinable.
Leases consist of the following (in thousands):
As of December 31,
AssetsClassification
2023
2022
OperatingOperating lease right-of-use assets$8,518 $11,148 
FinanceProperty and equipment, net27 62 
Total leases$8,545 $11,210 
Liabilities
Current
Operating Operating lease liabilities$2,052 $2,317 
FinanceAccrued expenses and other current liabilities26 36 
Non Current
Operating Operating lease liabilities, non-current6,966 8,958 
FinanceOther liabilities2 28 
Total lease liabilities
$9,046 $11,339 
At December 31, 2023, the maturities of our remaining operating lease and finance lease liabilities were as follows (in thousands, except years and percentages):
Operating leasesFinance leasesTotal leases liabilities
2024$2,392 $27 $2,419 
20251,828 2 1,830 
20261,744 — 1,744 
20271,677 — 1,677 
20281,312 — 1,312 
Thereafter1,151 — 1,151 
Total minimum lease payments10,104 29 10,133 
Less: Effects of discounting1,086 1 1,087 
Present value of lease liabilities$9,018 $28 $9,046 
Less: current portion$2,052 $26 $2,078 
Long-term lease liabilities$6,966 $2 $6,968 
Weighted-average remaining lease term as of December 31, 2023 (in years)5.01.1
Weighted-average incremental borrowing rate as of December 31, 20234.51 %5.50 %
Weighted-average remaining lease term as of December 31, 2022 (in years)5.61.9
Operating leasesFinance leasesTotal leases liabilities
Weighted-average incremental borrowing rate as of December 31, 20224.39 %5.50 %
The component of our lease costs included in our consolidated statements of operations were as follows (in thousands):
Year Ended December 31,
2023
2022
Lease cost
Operating lease cost$3,127 $2,384 
Other variable cost276 250 
Finance lease cost38 17 
Net lease cost$3,441 $2,651 
Leases Leases
We conduct operations from certain leased facilities in various locations. At December 31, 2023, we had various non-cancelable operating leases for office space and equipment, which expire between January 2024, and November 2029, and which represent the non-cancelable periods of the leases and include extension options that we determined are reasonably certain to be exercised. We exclude extension options that are not reasonably certain to be exercised from our lease terms. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. We often receive customary incentives from our landlords, such as reimbursements for tenant improvements and rent abatement periods, which effectively reduce the total lease payments owed for these leases.
Operating lease liabilities on our consolidated balance sheets represent the present value of our remaining lease payments over the remaining lease terms. We do not allocate lease payments to non-lease components. We use our incremental borrowing rate to calculate the present value of our lease payments, as the implicit rates in our leases are not readily determinable.
Leases consist of the following (in thousands):
As of December 31,
AssetsClassification
2023
2022
OperatingOperating lease right-of-use assets$8,518 $11,148 
FinanceProperty and equipment, net27 62 
Total leases$8,545 $11,210 
Liabilities
Current
Operating Operating lease liabilities$2,052 $2,317 
FinanceAccrued expenses and other current liabilities26 36 
Non Current
Operating Operating lease liabilities, non-current6,966 8,958 
FinanceOther liabilities2 28 
Total lease liabilities
$9,046 $11,339 
At December 31, 2023, the maturities of our remaining operating lease and finance lease liabilities were as follows (in thousands, except years and percentages):
Operating leasesFinance leasesTotal leases liabilities
2024$2,392 $27 $2,419 
20251,828 2 1,830 
20261,744 — 1,744 
20271,677 — 1,677 
20281,312 — 1,312 
Thereafter1,151 — 1,151 
Total minimum lease payments10,104 29 10,133 
Less: Effects of discounting1,086 1 1,087 
Present value of lease liabilities$9,018 $28 $9,046 
Less: current portion$2,052 $26 $2,078 
Long-term lease liabilities$6,966 $2 $6,968 
Weighted-average remaining lease term as of December 31, 2023 (in years)5.01.1
Weighted-average incremental borrowing rate as of December 31, 20234.51 %5.50 %
Weighted-average remaining lease term as of December 31, 2022 (in years)5.61.9
Operating leasesFinance leasesTotal leases liabilities
Weighted-average incremental borrowing rate as of December 31, 20224.39 %5.50 %
The component of our lease costs included in our consolidated statements of operations were as follows (in thousands):
Year Ended December 31,
2023
2022
Lease cost
Operating lease cost$3,127 $2,384 
Other variable cost276 250 
Finance lease cost38 17 
Net lease cost$3,441 $2,651