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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | 8. Leases In connection with the sale of a portion of our corporate campus as further discussed in Note 9 to the consolidated financial statements, we leased the property pursuant to a master lease for a term extending through September 30, 2030, with two five-year extensions. The extension options are not recognized as part of the right-of-use asset and lease liability. We record the right to use the underlying asset for the operating lease term as an asset and our obligation to make lease payments as a liability, based on the present value of the lease payments over the lease term. At December 31, 2023, the weighted average remaining lease term was 6.75 years and the weighted average discount rate was 3.75%. Because the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate to determine the present value of lease payments. Information related to our right-of-use asset and related lease liability were as follows:
|  | As of December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Operating right-of-use asset, net |  | $ | 6,288 |  |  | $ | 7,093 |
Operating lease liability, current portion |  | $ | 780 |  |  | $ | 745 |
Operating lease liability, net of current portion |  |  | 5,708 |  |  |  | 6,489 |
|  | $ | 6,488 |  |  | $ | 7,234 |
|  | For the Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Cash paid for operating lease liabilities |  | $ | 1,001 |  |  | $ | 1,001 |
Operating lease expense is recognized on a straight-line basis over the lease term. Our operating lease expense was $1.1 million and for both 2023 and 2022. Future amortization of our lease liability as of December 31, 2023 is expected to be as follows:
(in thousands) |  |  |
2024 |  | $ | 1,008 |
2025 |  |  | 1,035 |
2026 |  |  | 1,064 |
2027 |  |  | 1,093 |
2028 |  |  | 1,123 |
Thereafter |  |  | 2,037 |
Future lease payments, gross |  |  | 7,360 |
Less: Imputed interest |  |  | (872 | )
Operating lease liability |  | $ | 6,488 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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