Leases

9 Months Ended

Sep. 30, 2024

9. LEASES

The following table summarizes the Company’s lease related costs for the three and nine months ended September 30, 2024 and 2023:


		Three Months Ended				Nine Months Ended
(in thousands)		September 30,				September 30,
Lease Cost	Statement of Operations Location	2024		2023		2024		2023
Operating Lease Cost	General and administrative	$	132	$	126	$	386	$	378
Total lease cost		$	132	$	126	$	386	$	378

Average lease terms and discount rates for the Company’s operating leases were as follows:


	Nine Months Ended
	September 30,			September 30,
Other Information	2024			2023
Weighted-average remaining lease term
Operating leases	5.0 years			1.1 years
Weighted-average discount rate
Operating leases		15.45	%		5.69	%

The following table summarizes the maturities of lease liabilities as of September 30, 2024:


	Operating
Year	(in thousands)
2024		135
2025		546
2026		556
2027		550
2028		563
Thereafter		479
Total lease payments		2,829
Less: interest		858
Total lease liabilities	$	1,971

On September 11, 2024, the Company entered into a lease renewal agreement for its New York office space located at 545 Fifth Avenue, suite 1400, New York, New York 10017 (the "New York Lease") for a five-year term with total lease payments totaling $2.7 million. In conjunction with the execution of the New York lease renewal, the Company leased additional space located in suite 1401 for a five-year term with lease payments totaling $1.3 million. The lease of suite 1401 is anticipated to commence on November 10, 2024, or such earlier date as the Company begins occupancy of the leased space for its business operations.