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Commitment and Contingencies | 12 Months Ended
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Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company has one real estate operating lease associated with its corporate headquarters, which commenced on September 1, 2020 and expires on January 31, 2029. The lease agreement provides a five year lease term extension option, which is not included in the Company’s lease ROU asset and lease liability balances as of December 31, 2023. The lease agreement contains lease and non-lease components that are accounted for as a single lease component. For the years ended December 31, 2023, 2022 and 2021, the Company recorded the following lease expenses:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (in thousands)
Operating lease expense |  | $ | 953 |  |  | $ | 953 |  |  | $ | 953 |
Variable lease payments |  | 401 |  |  | 408 |  |  | 455 |
Total lease expense |  | $ | 1,354 |  |  | $ | 1,361 |  |  | $ | 1,408 |
Additional information related to the Company’s operating lease is as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | ($ in thousands)
Operating cash outflows |  | $ | 896 |  |  | $ | 871 |  |  | $ | 774 |
ROU assets obtained in exchange for new lease liabilities |  | — |  |  | — |  |  | — |
Weighted average remaining lease term (in years) |  | 5.08 |  | 6.08 |  | 7.08
Weighted average discount rate |  | 7.72 | % |  | 7.72 | % |  | 7.72 | %
The Company’s operating lease ROU asset and lease liability is summarized below. The current and non-current lease liabilities are reflected in Other current liabilities and Operating lease liabilities, respectively, on the Company’s Consolidated Balance Sheets, as follows:
| December 31, 2023 |  | December 31, 2022 |
| (in thousands) |
Operating lease right-of-use asset | $ | 5,911 |  |  | $ | 5,911 |  |
Accumulated amortization | (1,921) |  |  | (1,301) |  |
Net operating lease right-of-use asset, net | $ | 3,990 |  |  | $ | 4,610 |  |
Other current liabilities | $ | 632 |  |  | $ | 561 |  |
Operating lease liabilities | 3,450 |  |  | 4,082 |  |
Total operating lease liability | $ | 4,082 |  |  | $ | 4,643 |  |
The maturity of the Company’s operating lease liability is as follows:
|  | As of December 31, 2023
|  | (in thousands)
2024 |  | $ | 919 |
2025 |  | 945 |
2026 |  | 970 |
2027 |  | 996 |
2028 |  | 1,021 |
Thereafter |  | 87 |
Total undiscounted liabilities |  | 4,938 |
Less: Imputed interest |  | 856 |
Present value of lease liabilities |  | $ | 4,082 |
Contingencies As of December 31, 2023, the Company was not involved in any claim, proceeding or litigation which may be deemed to have a material adverse effect on the Company’s consolidated financial statements.

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