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Leases
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases Leases
The 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 nine months ended September 30, 2023 and 2022, the Company recognized $0.1 million and $0.3 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 September 30, 2023:
(In thousands)U.S.IrelandTotal
Operating cash flows for operating leases$238 $24 $262 
Weighted average remaining lease term0.02.8
Weighted average discount rate - operating leases8 %8 %
As of August 31, 2023, the lease of office space at 1633 Broadway, New York, NY was converted to a month-to-month lease. No ROU assets or lease liabilities are recognized on the balance sheet for this arrangement.
Remaining maturities of the Company’s operating leases, excluding short-term leases, are as follows:
U.S.IrelandTotal
Year ended December 31, 2023$— $11 $11 
Year ended December 31, 2024— 42 42 
Year ended December 31, 2025— 42 42 
Year ended December 31, 2026— 25 25 
Total— 120 120 
Less present value discount— (13)(13)
Operating lease liabilities included in the condensed consolidated balance sheets at September 30, 2023$— $107 $107 
Leases Leases
The 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 nine months ended September 30, 2023 and 2022, the Company recognized $0.1 million and $0.3 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 September 30, 2023:
(In thousands)U.S.IrelandTotal
Operating cash flows for operating leases$238 $24 $262 
Weighted average remaining lease term0.02.8
Weighted average discount rate - operating leases8 %8 %
As of August 31, 2023, the lease of office space at 1633 Broadway, New York, NY was converted to a month-to-month lease. No ROU assets or lease liabilities are recognized on the balance sheet for this arrangement.
Remaining maturities of the Company’s operating leases, excluding short-term leases, are as follows:
U.S.IrelandTotal
Year ended December 31, 2023$— $11 $11 
Year ended December 31, 2024— 42 42 
Year ended December 31, 2025— 42 42 
Year ended December 31, 2026— 25 25 
Total— 120 120 
Less present value discount— (13)(13)
Operating lease liabilities included in the condensed consolidated balance sheets at September 30, 2023$— $107 $107