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Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Lease Cost Recognized in Consolidated Statement of Operations and Other Information

Lease cost recognized in the Company’s Consolidated Statements of Operations and other information is summarized as follows:

 

 

Years Ended December 31,

 

(In Thousands)

 

2022

 

 

2023

 

Operating lease cost

 

$

1,943

 

 

$

1,067

 

Short-term operating lease cost

 

 

202

 

 

 

182

 

Total operating lease cost

 

 

2,145

 

 

 

1,249

 

Other information:

 

 

 

 

 

 

Weighted-average remaining lease term - operating leases

 

1.2 years

 

 

3.6 years

 

Weighted-average discount rate - operating leases (1)

 

 

4.6

%

 

 

6.7

%

(1) The discount rate used to compute the present value of the total lease liabilities as of December 31, 2022 and 2023 was based on the Company’s estimated incremental borrowing rate of similar secured borrowings available to the Company as of the commencement date of lease.
Schedule of Operating and Financing Lease Liabilities

As of December 31, 2023 the Company’s operating and financing lease liabilities were as follows:

(In Thousands)

 

Operating Leases

 

Finance Leases

 

Gross future lease payments

 

$

1,836

 

$

757

 

Less: imputed interest

 

 

(157

)

 

(95

)

Present value of total lease liabilities

 

 

1,679

 

 

662

 

Less: current portion of lease liabilities

 

 

(462

)

 

(210

)

Total long-term lease liabilities

 

$

1,217

 

$

452