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Commitment and Contingencies
 12 Months Ended
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,
202320222021
(in thousands)
Operating lease expense$953 $953 $953 
Variable lease payments401 408 455 
Total lease expense$1,354 $1,361 $1,408 
Additional information related to the Company’s operating lease is as follows:
Year Ended December 31,
202320222021
($ in thousands)
Operating cash outflows$896 $871 $774 
ROU assets obtained in exchange for new lease liabilities— — — 
Weighted average remaining lease term (in years)5.086.087.08
Weighted average discount rate7.72 %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, 2023December 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 liabilities3,450 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 
2025945 
2026970 
2027996 
20281,021 
Thereafter87 
Total undiscounted liabilities4,938 
Less: Imputed interest856 
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.