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Commitments and Contingencies (Tables) | 6 Months Ended
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Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract] |
Schedule of Lease Cost | The Company’s lease costs consist of the following (in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease cost | $ | 537 |  | $ | 307 |  | $ | 925 |  | $ | 1,516
Variable lease cost | 76 |  | 401 |  | 366 |  | 673
Total lease cost | $ | 613 |  | $ | 708 |  | $ | 1,291 |  | $ | 2,189
The following table summarizes cash flow information related to the Company’s lease obligations (in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cash paid for operating lease liabilities | $ | 734 |  |  | $ | 441 |  |  | $ | 1,262 |  |  | $ | 1,316 |
The following table summarizes the Company’s lease assets and liabilities (in thousands):
| June 30, 2024 |  | December 31, 2023
Operating lease right-of-use assets | $ | 1,707 |  |  | $ | 2,387 |
Current operating lease liabilities | $ | 1,669 |  |  | $ | 1,750 |
Non-current operating lease liabilities | $ | 2,020 |  |  | $ | 2,877 |
The following table summarizes other supplemental information related to the Company’s lease obligations:
| June 30, 2024 |  | December 31, 2023
Weighted-average remaining lease term (in years) | 2.18 |  | 2.60
Weighted-average discount rate | 6.75 | % |  | 6.75 | %
Schedule of Future Minimum Lease Payments | Future minimum lease payments under operating lease liabilities were (in thousands):
| June 30, 2024
2024 (remaining six months) | $ | 923 |
2025 | 1,818 |
2026 | 1,219 |
Total future lease payments | 3,960 |
Less: imputed interest | 271 |
Total lease liability balance | 3,689 |
Less: current portion of operating lease liabilities | 1,669 |
Total operating lease liabilities, non-current | $ | 2,020 |
Schedule of Net Carrying Amount of the Liability Component of the Loan | The net carrying amount of the liability component of the Loan was as follows (in thousands):
| June 30, 2024 |  | December 31, 2023
Principal amount | $ | 82,837 |  |  | $ | 82,837 |
Unamortized debt issuance cost | (911) |  |  | (1,410) |
Net carrying amount | $ | 81,926 |  |  | $ | 81,427 |
Schedule of Interest Expense Related to the Loan | The following table sets forth the interest expense recognized related to the Loan (in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Contractual interest expense | $ | 1,750 |  |  | $ | 341 |  |  | $ | 3,482 |  |  | $ | 728 |
Amortization of debt issuance cost | 249 |  |  | 249 |  |  | 498 |  |  | 498 |
Total interest expense related to the Loan | $ | 1,999 |  |  | $ | 590 |  |  | $ | 3,980 |  |  | $ | 1,226 |

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