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 25,139 square feet of office space in San Francisco, California, under a lease that terminates in 2025 and a total of approximately 1,582 square meters of office space in the People’s Republic of China, in the cities of Beijing, Guangzhou, Hangzhou, Shanghai and Yantai, under leases that terminate in 2024 through 2026.

Operating lease expense was $0.5 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively. Expense related to variable leases was not significant for the three months ended March 31, 2024 and 2023. Operating cash flows for the three months ended March 31, 2024 and 2023 included $0.5 million and $0.3 million for operating leases, respectively.

The following table presents the future minimum lease analysis of the Company's operating lease liabilities showing the aggregate lease payments as of March 31, 2024.


	March 31, 2024
	(In thousands)
2024 (remaining 9 months)	$	1,634
2025		1,416
2026		629
2027 and thereafter		81
Total undiscounted lease payments		3,760
Less: imputed interest		(228	)
Total operating lease liabilities	$	3,532

The weighted average incremental borrowing rate used to determine the operating lease liabilities was 6.85%. The Company's weighted average remaining lease term was 2.0 years as of March 31, 2024.