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Leases

6 Months Ended

Jun. 30, 2023

4. Leases

Our principal executive office is located in New York, New York, where we lease approximately 7,900 square feet of office space under a lease that terminates in 2027, with an option for the Company to extend the lease for an additional five years which is not reasonably assured of exercise. We also occupy approximately 14,257 square feet of office space in San Francisco, California, under a lease that terminates in 2025.

Operating lease expense was $0.4 million and $0.4 million for the three months ended June 30, 2023 and 2022, respectively, and $0.7 million and $0.7 million for the six months ended June 30, 2023 and 2022, respectively. Expense related to variable leases was not significant for the three and six months ended June 30, 2023 and 2022. Operating cash flows for the three months ended June 30, 2023 and 2022 included $0.4 million and $0.3 million, respectively, and $0.7 million and $0.6 million for the six months ended June 30, 2023 and 2022, respectively.

The following table presents the future minimum lease analysis of the Company's operating lease liabilities showing the aggregate lease payments as of June 30, 2023.


	June 30, 2023
	(In thousands)
2023 (remaining 6 months)	$	721
2024		1,495
2025		1,071
2026		631
2027 and thereafter		81
Total undiscounted lease payments		3,999
Less: imputed interest		(323	)
Total operating lease liabilities	$	3,676

The weighted average incremental borrowing rate used to determine the operating lease liabilities was 6.0%. The Company's weighted average remaining lease term was 2.88 years as of June 30, 2023.