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Leases | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Leases | Leases The Company accounts for its leases in accordance with ASU No. 2016-02 (Topic 842) which requires that a lessee recognize the assets and liabilities that arise from operating leases. The ASU requires lessees to recognize a liability for lease obligations, which represents the discounted obligation to make future lease payments, and a corresponding right-of-use (ROU) asset on the balance sheet. The Company leases office space facilities and a research and development laboratory under non-cancelable operating leases with varying expirations extending through fiscal year 2029. The lease agreements provide for renewal options and rent escalation over the lease term as well as require the Company to pay maintenance, insurance and property taxes. Lease expense is recognized on a straight-line basis over the term of the lease. Operating Leases As of June 30, 2023, the Company had right-of-use assets and corresponding operating lease liabilities of approximately $3.2 million and $3.9 million, respectively. For the three and six months ended June 30, 2023 and 2022, the components of operating lease expense are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Operating leases |  |  |  |  |  |  |
Operating lease expense | $ | 230 |  |  | $ | 236 |  |  | $ | 461 |  |  | $ | 492 |
Variable lease expense | 59 |  |  | 45 |  |  | 112 |  |  | 85 |
Operating lease expense | 289 |  |  | 281 |  |  | 573 |  |  | 577 |
Short-term lease rent expense | 4 |  |  | 63 |  |  | 8 |  |  | 127 |
Total expense | $ | 293 |  |  | $ | 344 |  |  | $ | 581 |  |  | $ | 704 |
| At June 30, 2023
Weighted-average remaining lease term (years), operating leases | 3.8
Weighted-average discount rate, operating leases | 5.7 | %
Future minimum lease payments under operating leases as of June 30, 2023 are as follows:
Year |  | (In thousands)
2023 (Remainder) |  | $ | 461 |
2024 |  | 1,101 |
2025 |  | 1,135 |
2026 |  | 901 |
2027 |  | 491 |
2028 |  | 358 |
Thereafter |  | 30 |
Total |  | 4,477 |
Less present value discount |  | (565) |
Present value of total operating lease liabilities |  | 3,912 |
Less current portion |  | (775) |
Long-term obligations under operating leases |  | $ | 3,137 |

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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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