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Commitments and Contingencies (Tables) | 9 Months Ended
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Sep. 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 |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease cost | $ | 172 |  | $ | 351 |  | $ | 1,097 |  | $ | 1,867
Variable lease cost | 283 |  | 234 |  | 649 |  | 906
Total lease cost | $ | 455 |  | $ | 585 |  | $ | 1,746 |  | $ | 2,773
The following table summarizes cash flow information related to the Company’s lease obligations (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cash paid for operating lease liabilities | $ | 494 |  |  | $ | 491 |  |  | $ | 1,756 |  |  | $ | 1,806 |
The following table summarizes the Company’s lease assets and liabilities (in thousands):
| September 30, 2024 |  | December 31, 2023
Operating lease right-of-use assets | $ | 1,104 |  |  | $ | 2,387 |
Current operating lease liabilities | $ | 1,761 |  |  | $ | 1,750 |
Non-current operating lease liabilities | $ | 1,411 |  |  | $ | 2,877 |
The following table summarizes other supplemental information related to the Company’s lease obligations:
| September 30, 2024 |  | December 31, 2023
Weighted-average remaining lease term (in years) | 1.93 |  | 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):
| September 30, 2024
2024 (remaining three months) | $ | 735 |
2025 | 1,591 |
2026 | 1,195 |
Total future lease payments | 3,521 |
Less: imputed interest | 349 |
Total lease liability balance | 3,172 |
Less: current portion of operating lease liabilities | 1,761 |
Total operating lease liabilities, non-current | $ | 1,411 |
Schedule of Lease Income Related to the Operating Lease | The Lease is classified as an operating lease and revenue will be recognized on a straight-line basis and will be recorded within the condensed consolidated statements of operations and comprehensive loss in the line item “Other rental income” as this is not a part of the Company’s core operations rental income has been presented in other income rather than as revenue on the statement of operations and comprehensive loss. Lease income related to the operating lease was as follows (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Rental income related to fixed lease income | $ | 1,493 |  |  | $ | — |  |  | $ | 1,493 |  |  | $ | — |
Schedule of Future Fixed Contractual Lease Payments to be Received | Approximate future fixed contractual lease payments to be received under a non-cancelable operating lease in effect as of September 30, 2024, are as follow s (in thousands):
| September 30, 2024
2024 (remaining three months) | $ | 1,493 |
2025 | 8,957 |
2026 | 8,957 |
2027 | 8,957 |
2028 | 8,957 |
Thereafter | 94,795 |
Total | $ | 132,116 |
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):
| September 30, 2024 |  | December 31, 2023
Principal amount | $ | 82,837 |  |  | $ | 82,837 |
Unamortized debt issuance cost | (664) |  |  | (1,410) |
Net carrying amount | $ | 82,173 |  |  | $ | 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 |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Contractual interest expense | $ | 1,758 |  |  | $ | 1,754 |  |  | $ | 5,241 |  |  | $ | 2,482 |
Amortization of debt issuance cost | 249 |  |  | 249 |  |  | 747 |  |  | 747 |
Total interest expense related to the Loan | $ | 2,007 |  |  | $ | 2,003 |  |  | $ | 5,988 |  |  | $ | 3,229 |

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