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Lease Commitments | 6 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
Lease Commitments | 5. Lease Commitments As of June 30, 2022, the Company had operating leases for office space in both Buffalo Grove, Illinois and Florham Park, New Jersey, with remaining lease terms of 2.8 years and 3.2 years, respectively. All operating leases contain an option to extend the term for one additional five year period, which was not considered in the determination of the right-of-use asset or lease liability as the Company did not consider it reasonably certain that it would exercise such options. The total rent expense for the three months ended June 30, 2022 and 2021 was approximately $0.2 million and $0.2 million, respectively. The total rent expense for the six months ended June 30, 2022 and 2021 was approximately $0.4 million and $0.4 million, respectively The following table summarizes supplemental balance sheet information related to the operating leases (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Assets: |  |  |  |  |  |
Operating lease right-of-use assets |  |  | 2,557 |  |  |  | 1,914 |
Total right-of-use assets |  | $ | 2,557 |  |  | $ | 1,914 |
Liabilities: |  |  |  |  |  |
Operating lease liabilities, current |  |  | 628 |  |  |  | 487 |
Operating lease liabilities, non-current |  |  | 1,392 |  |  |  | 1,183 |
Total operating lease liabilities |  | $ | 2,020 |  |  | $ | 1,670 |
As of June 30, 2022, the future minimum annual lease payments under the operating leases were as follows (in thousands):
2022 |  | $ | 289 |
2023 |  |  | 734 |
2024 |  |  | 753 |
Thereafter |  |  | 513 |
Total minimum lease payments |  | $ | 2,289 |
Less: amount representing interest |  |  | (269 | )
Present value of operating lease liabilities |  |  | 2,020 |
Less: operating lease liabilities, current |  |  | (628 | )
Operating lease liabilities |  | $ | 1,392 |
Weighted-average remaining lease term (in years) |  |  | 3.09 |
Weighted-average incremental borrowing rate |  |  | 8.13 | %
Operating cash flows for the six months ended June 30, 2022 and 2021 included cash payments for operating leases of approximately $0.7 million and $0.3 million, respectively. On February 8, 2022, the Company entered into an operating lease for 6,250 rentable square feet of additional office space in Florham Park, New Jersey. The lease liability and the corresponding right-of-use asset associated with this lease obligation was recorded upon the June 14, 2022 commencement date of the lease. The Company also entered into one year leases for passenger vehicles during 2022. The Company elected the short-term lease exception for these leases and did not recognize a right-of-use asset and operating lease liability related to these leases.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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