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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Leases The Company leases office spaces under non-cancellable operating leases for its corporate headquarters in Austin, Texas and its office space in New York, New York. The Company also leases furniture under a non-cancellable finance lease. Pursuant to the corporate headquarters lease in Austin, the initial term expires on July 31, 2028, and pursuant to the lease in New York, the term expires on May 31, 2024. For each lease, the Company recognizes a right-of-use-asset and lease liability. The asset and liability are then amortized as payments are made. The Company did not incur any unoccupied lease expense during the year ended December 31, 2023. The Company incurred $1.1 million in unoccupied lease expense for leased facilities in Austin, Texas for the related contractual lease payments and fees for the year ended December 31, 2022. The cost of leases recorded in the accompanying consolidated statements of operations and comprehensive loss were as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022
Operating lease expense | $ | 2,414 |  |  | $ | 1,784 |
Finance lease expense |  |  |
Amortization expense | 179 |  |  | 56 |
Interest on lease liability | 8 |  |  | 7 |
Total lease cost | $ | 2,601 |  |  | $ | 1,847 |
Supplemental cash flow information and non-cash activity related to the Company’s leases was as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022
Cash paid for operating lease liabilities | $ | 2,443 |  |  | $ | 782 |
Cash paid for financing lease liabilities | $ | 40 |  |  | $ | 42 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ | — |  |  | $ | 10,935 |
The weighted average remaining lease term and discount rate as of December 31, 2023 are as follows:
Weighted Average Remaining Lease Term |
Operating leases | 4.51 years
Finance leases | 4.59 years
Weighted Average Discount Rate |
Operating leases | 5.00 | %
Finance leases | 5.00 | %
Future minimum payments required under operating and financing leases, by year and in aggregate, that have initial or remaining non-cancellable lease terms in excess of one year, are as follows (in thousands):
| Year Ended December 31, 2023
| Operating Leases |  | Finance Leases
2024 | $ | 2,231 |  |  | $ | 47 |
2025 | 2,098 |  |  | 47 |
2026 | 2,162 |  |  | 47 |
2027 | 2,229 |  |  | 47 |
2028 | 1,333 |  |  | 28 |
Thereafter | — |  |  | — |
Total lease payments | $ | 10,053 |  |  | $ | 216 |
Less: imputed interest | (1,091) |  |  | (17) |
Present value of lease liabilities | $ | 8,962 |  |  | $ | 199 |
As of December 31, 2023, the Company had no additional operating or finance leases with future commencement dates.
Leases | Leases The Company leases office spaces under non-cancellable operating leases for its corporate headquarters in Austin, Texas and its office space in New York, New York. The Company also leases furniture under a non-cancellable finance lease. Pursuant to the corporate headquarters lease in Austin, the initial term expires on July 31, 2028, and pursuant to the lease in New York, the term expires on May 31, 2024. For each lease, the Company recognizes a right-of-use-asset and lease liability. The asset and liability are then amortized as payments are made. The Company did not incur any unoccupied lease expense during the year ended December 31, 2023. The Company incurred $1.1 million in unoccupied lease expense for leased facilities in Austin, Texas for the related contractual lease payments and fees for the year ended December 31, 2022. The cost of leases recorded in the accompanying consolidated statements of operations and comprehensive loss were as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022
Operating lease expense | $ | 2,414 |  |  | $ | 1,784 |
Finance lease expense |  |  |
Amortization expense | 179 |  |  | 56 |
Interest on lease liability | 8 |  |  | 7 |
Total lease cost | $ | 2,601 |  |  | $ | 1,847 |
Supplemental cash flow information and non-cash activity related to the Company’s leases was as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022
Cash paid for operating lease liabilities | $ | 2,443 |  |  | $ | 782 |
Cash paid for financing lease liabilities | $ | 40 |  |  | $ | 42 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ | — |  |  | $ | 10,935 |
The weighted average remaining lease term and discount rate as of December 31, 2023 are as follows:
Weighted Average Remaining Lease Term |
Operating leases | 4.51 years
Finance leases | 4.59 years
Weighted Average Discount Rate |
Operating leases | 5.00 | %
Finance leases | 5.00 | %
Future minimum payments required under operating and financing leases, by year and in aggregate, that have initial or remaining non-cancellable lease terms in excess of one year, are as follows (in thousands):
| Year Ended December 31, 2023
| Operating Leases |  | Finance Leases
2024 | $ | 2,231 |  |  | $ | 47 |
2025 | 2,098 |  |  | 47 |
2026 | 2,162 |  |  | 47 |
2027 | 2,229 |  |  | 47 |
2028 | 1,333 |  |  | 28 |
Thereafter | — |  |  | — |
Total lease payments | $ | 10,053 |  |  | $ | 216 |
Less: imputed interest | (1,091) |  |  | (17) |
Present value of lease liabilities | $ | 8,962 |  |  | $ | 199 |
As of December 31, 2023, the Company had no additional operating or finance leases with future commencement dates.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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