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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | Leases As of September 30, 2024, we had non-cancelable operating leases for our corporate headquarters and manufacturing facilities located in Fremont, California and in Brighton, Colorado. Our Fremont lease, which expires in June 2027, provides us with an option to extend the term for one additional 5-year period and we determined with reasonable certainty that we will exercise such option. Our Brighton lease, which expires in May 2039, provides us with an option to extend the term for two additional 5-year periods, but we have not determined with reasonable certainty that we will exercise such option. Our operating leases do not contain any material residual value guarantees. We had no leases that were classified as finance leases as of September 30, 2024 and December 31, 2023. The components of lease expense during the three and nine months ended September 30, 2024 and 2023 are shown in the table below (in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease expense | $ | 1,286 |  |  | $ | 304 |  |  | $ | 3,857 |  |  | $ | 810 |
Variable lease expense | 667 |  |  | 79 |  |  | 1,074 |  |  | 210 |
Short-term lease expense | 25 |  |  | 20 |  |  | 70 |  |  | 62 |
Total lease expense | $ | 1,978 |  |  | $ | 403 |  |  | $ | 5,001 |  |  | $ | 1,082 |
Other information about our operating leases during the nine months ended September 30, 2024 and 2023 are shown in the table below (amounts in thousands):
|  | Nine months ended September 30,
|  | 2024 |  | 2023
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 843 |  |  | $ | 727 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | — |  |  | $ | 5,241 |
Weighted-average remaining lease term |  | 13.7 years |  | 8.8 years
Weighted-average discount rate |  | 9.4 | % |  | 7.9 | %
Future operating lease payments, net of tenant improvement allowance, as of September 30, 2024 are as follows (in thousands):
Year ending December 31: | Amount
Remainder of 2024 | $ | 471 |
2025 | 2,055 |
2026 | 3,929 |
2027 | 5,025 |
2028 | 5,185 |
2029 | 5,344 |
Thereafter | 48,439 |
Total lease payments, net of tenant improvement allowance | 70,448 |
Less - present value adjustments | (33,187) |
Total operating lease liabilities | $ | 37,261 |

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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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