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Leases | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Leases | LeasesThe Company recognizes right-of-use (“ROU”) assets and lease liabilities when it obtains the right to control an asset under a leasing arrangement with an initial term greater than twelve months. The Company leases its facilities under non-cancellable operating and financing leases. The Company evaluates the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognizes the ROU asset and lease liabilities based on the present value of future minimum lease payments over the expected lease term. The Company’s leases do not generally contain an implicit interest rate and therefore the Company uses the incremental borrowing rate it would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of its lease payments. For the three and six months ended June 30, 2023 and 2022, the Company recognized $0.1 million and $0.2 million, respectively, of operating lease expense in the U.S. and less than $0.1 million of operating lease expense in Ireland for the same periods. As of June 30, 2023:
(In thousands) | U.S. |  | Ireland |  | Total
Operating cash flows for operating leases | $ | 181 |  |  | $ | 14 |  |  | $ | 195 |
Weighted average remaining lease term | 0.3 |  | 3.1 |  |
Weighted average discount rate - operating leases | 8 | % |  | 8 | % |  |
Remaining maturities of the Company’s operating leases, excluding short-term leases, are as follows:
| U.S. |  | Ireland |  | Total
Year ended December 31, 2023 | $ | 56 |  |  | $ | 18 |  |  | $ | 74 |
Year ended December 31, 2024 | — |  |  | 36 |  |  | 36 |
Year ended December 31, 2025 | — |  |  | 36 |  |  | 36 |
Year ended December 31, 2026 | — |  |  | 21 |  |  | 21 |
Total | 56 |  |  | 111 |  |  | 167 |
Less present value discount | (1) |  |  | (12) |  |  | (13) |
Operating lease liabilities included in the condensed consolidated balance sheets at June 30, 2023 | $ | 55 |  |  | $ | 99 |  |  | $ | 154 |
Leases | LeasesThe Company recognizes right-of-use (“ROU”) assets and lease liabilities when it obtains the right to control an asset under a leasing arrangement with an initial term greater than twelve months. The Company leases its facilities under non-cancellable operating and financing leases. The Company evaluates the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognizes the ROU asset and lease liabilities based on the present value of future minimum lease payments over the expected lease term. The Company’s leases do not generally contain an implicit interest rate and therefore the Company uses the incremental borrowing rate it would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of its lease payments. For the three and six months ended June 30, 2023 and 2022, the Company recognized $0.1 million and $0.2 million, respectively, of operating lease expense in the U.S. and less than $0.1 million of operating lease expense in Ireland for the same periods. As of June 30, 2023:
(In thousands) | U.S. |  | Ireland |  | Total
Operating cash flows for operating leases | $ | 181 |  |  | $ | 14 |  |  | $ | 195 |
Weighted average remaining lease term | 0.3 |  | 3.1 |  |
Weighted average discount rate - operating leases | 8 | % |  | 8 | % |  |
Remaining maturities of the Company’s operating leases, excluding short-term leases, are as follows:
| U.S. |  | Ireland |  | Total
Year ended December 31, 2023 | $ | 56 |  |  | $ | 18 |  |  | $ | 74 |
Year ended December 31, 2024 | — |  |  | 36 |  |  | 36 |
Year ended December 31, 2025 | — |  |  | 36 |  |  | 36 |
Year ended December 31, 2026 | — |  |  | 21 |  |  | 21 |
Total | 56 |  |  | 111 |  |  | 167 |
Less present value discount | (1) |  |  | (12) |  |  | (13) |
Operating lease liabilities included in the condensed consolidated balance sheets at June 30, 2023 | $ | 55 |  |  | $ | 99 |  |  | $ | 154 |

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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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