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Lease Obligations | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Lease Obligations | Lease Obligations The Company leases certain assets, predominantly under operating leases, which consist of real estate leases, laboratory equipment leases and office equipment leases as of June 30, 2023. Renewal options for the Company’s leases range from 1 to 5 years in length and begin from 2024 through 2027. Aggregate lease expense was as follows (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Aggregate lease expense |  | $ | 764 |  |  | $ | 626 |  |  | $ | 1,491 |  |  | $ | 1,220 |
Other supplemental information related to leases was as follows:
|  | As of June 30, 2023 |  | As of December 31, 2022
Weighted average remaining lease term |  | 7.2 years |  | 8.1 years
Weighted average discount rate |  | 10.3% |  | 11.0%
The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s leases:
| Balance Sheet Location |  | As of June 30, 2023 |  | As of December 31, 2022
Assets: |  |  |  |  |
Lease assets, net | Other Assets |  | $ | 6,946 |  |  | $ | 6,806 |
Liabilities: |  |  |  |  |
Current lease liabilities | Lease financing obligation – current liabilities |  | $ | 2,530 |  |  | $ | 2,369 |
Non-current lease liabilities | Lease financing obligation – long-term liabilities |  | 5,803 |  |  | 5,804 |
Total lease liabilities |  |  | $ | 8,333 |  |  | $ | 8,173 |
Lease assets are recorded net of accumulated amortization of $5,451 and $4,349 as of June 30, 2023 and December 31, 2022, respectively. Cash paid for amounts included in the measurement of lease liabilities was $746 and $1,451 for the three and six months ended June 30, 2023, respectively. This compares to cash paid for amounts included in the measurement of lease liabilities of $607 and $1,181 for the three and six months ended June 30, 2022, respectively. Maturities of lease liabilities as of June 30, 2023, are as follows (in thousands):
2023 (remaining) | $ | 1,517 |
2024 | 2,345 |
2025 | 1,853 |
2026 | 892 |
2027 | 621 |
Thereafter | 6,155 |
Total lease payments | 13,383 |
Less imputed interest | (5,050) |
Total | $ | 8,333 |

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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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