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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 10. Commitments and Contingencies Legal Matters The Company is a party to various claims and lawsuits incidental to its business. In the Company’s opinion, the liabilities, if any, which may ultimately result from the outcome of such matters, individually or in the aggregate, are not expected to have a material adverse effect on its financial position, liquidity, results of operations or cash flows. Leases The Company has commitments under operating leases for real estate leased from third parties under non-cancelable operating leases. The Company’s leases typically have lease terms between three years and ten years, with the longest lease term having an expiration date in 2035. Most of these leases include one or more renewal options for five years or less, and certain leases also include lessee termination options. At lease commencement, the Company assesses whether it is reasonably certain to exercise a renewal option, or reasonably certain not to exercise a termination option, by considering various economic factors. Options that are reasonably certain of being exercised are factored into the determination of the lease term, and related payments are included in the calculation of the right-of-use (“ROU”) asset and lease liability. On December 31, 2023, the Company entered an amendment for one of the existing leases to relocate to another space within the building commencing on August 1, 2024. The landlord provides a construction allowance, in the form of reimbursements, of up to $1.4 million related to approved improvements and renovations of the landlord’s property during the construction period between February 1, 2024 to July 31, 2024. As of March 31, 2024, no significant construction has taken place. During the three months ended March 31, 2024, the Company recognized sublease income of $0.1 million within Other (loss) income in the Company’s Consolidated Statements of Operations. The components of lease cost are presented in the following table:
|  | Three Months Ended March 31, |
($ in thousands) |  | 2024 |  |  | 2023 |
Components of total lease costs: |  |  |  |  |  |
Operating lease cost |  | $ | 428 |  |  | $ | 659 |
Short-term lease cost |  |  | 6 |  |  |  | 5 |
Variable lease cost |  |  | — |  |  |  | — |
Total lease cost |  | $ | 434 |  |  | $ | 664 |
Amounts reported in the Condensed Consolidated Balance Sheets were as follows:
($ in thousands) |  | March 31, 2024 |  |  | December 31, 2023 |
Operating leases: |  |  |  |  |  |
ROU assets |  | $ | 5,939 |  |  | $ | 8,023 |
Lease liability, current |  |  | 1,241 |  |  |  | 1,629 |
Lease liability, long-term |  |  | 5,435 |  |  |  | 7,247 |
Total lease liabilities |  | $ | 6,676 |  |  | $ | 8,876 |
Weighted-average remaining lease term (in years) |  |  | 4.5 |  |  | 4.3 |
Weighted-average discount rate (annualized) |  |  | 6.1 | % |  |  | 5.8 | %
Other information related to leases are as follows:
|  | Three Months Ended March 31, |
($ in thousands) |  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 551 |  |  | $ | 675 |
ROU assets obtained in exchange for lease liabilities: |  |  |  |  |  |
Operating leases |  |  | — |  |  |  | — |
The following table presents a maturity analysis of the Company’s operating leases liabilities as of March 31, 2024:
($ in thousands) |  |  |
2024 |  | $ | 1,356 |
2025 |  |  | 1,390 |
2026 |  |  | 1,335 |
2027 |  |  | 924 |
2028 |  |  | 734 |
Thereafter |  |  | 2,808 |
Total undiscounted lease payments |  |  | 8,547 |
Less: Imputed interest |  |  | 1,871 |
Total lease liabilities |  | $ | 6,676 |

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