Leases

3 Months Ended

Mar. 31, 2024

8. LEASES

The Company leases its office space which has a remaining lease term of 33 months. In January 2023, the Company entered into an amendment to the lease for its corporate headquarters offices to extend the term through December 31, 2026. The Company’s recognized lease costs include:


	Three Months Ended March 31,
(in thousands)	2024		2023
Statements of Operations and Comprehensive Loss
Operating lease cost(1)	$	184	$	184

(1)

Operating lease cost is recorded within general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.


	Three Months Ended March 31,
	2024			2023
Weighted-average remaining lease term (months)		33.0			45.0
Weighted-average discount rate		7.6	%		7.6	%

The Company’s variable lease costs and short-term lease costs were not material.

The Company is obligated under a non-cancelable lease agreement providing for office space that expires on December 31, 2026. Maturities of lease payments under the non-cancelable lease were as follows:


(in thousands)	March 31, 2024
2024	$	527
2025		729
2026		756
Total lease payments		2,012
Less imputed interest		(204	)
Present value of lease liabilities	$	1,808