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Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Summary of Components of Lease Cost

The components of lease cost for the three and nine months ended September 30, 2024 and 2023, are as follows:

 

 

 

Three Months Ended September 30,

Nine Months Ended September 30,

 

(in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Operating lease cost

 

$

367

 

 

$

366

 

 

 

1,105

 

 

$

1,559

 

Variable lease cost

 

 

146

 

 

 

161

 

 

 

507

 

 

 

792

 

Total lease cost

 

$

513

 

 

$

527

 

 

$

1,612

 

 

$

2,351

 

Schedule of Amounts Reported in Consolidated Balance Sheets for Leases

Amounts reported in the balance sheet for leases where the Company is the lessee as of September 30, 2024, and December 31, 2023, are as follows:

 

Operating Leases (in thousands, except lease term and discount rate data):

 

September 30,
2024

 

 

December 31,
2023

 

Right-of-use assets, operating leases

 

$

8,407

 

 

$

8,382

 

 

 

 

 

 

 

Operating lease liabilities, current

 

$

1,243

 

 

$

852

 

Operating lease liabilities, non-current

 

 

12,024

 

 

 

12,434

 

Total operating lease liabilities

 

$

13,267

 

 

$

13,286

 

 

 

 

 

 

 

Weighted-average remaining lease term (years)

 

 

7.57

 

 

 

8.42

 

Weighted-average discount rate

 

 

6.08

%

 

 

5.75

%

Summary of Other Information Related to Leases

Other information related to leases for the nine months ended September 30, 2024 and 2023, respectively, as follows:

 

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2024

 

 

2023

 

Net cash paid for amounts included in the measurement of lease liabilities

 

$

1,119

 

 

$

1,842

 

Leased assets obtained in exchange for new or modified operating lease liabilities

 

 

554

 

 

 

11

 

Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases

Future minimum lease payments, net of reimbursements, remaining as of September 30, 2024, under operating leases by fiscal year were as follows:

 

Fiscal year

 

(in thousands)

 

2024

 

$

479

 

2025

 

 

2,012

 

2026

 

 

2,071

 

2027

 

 

2,132

 

2028

 

 

2,194

 

Thereafter

 

 

7,608

 

Total minimum lease payments

 

$

16,496

 

Less: Amounts representing imputed interest

 

$

(3,229

)

Present value of lease liabilities

 

$

13,267