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Commitment and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Lease, Cost
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 %
Assets and Liabilities, Lessee
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 
Lessee, Operating Lease, Liability, Maturity
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