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Leases
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases Leases
In August 2019, the Company leased office space for its headquarters location under an operating lease. This lease commenced in November 2019 after the completion of certain tenant improvements made by the lessor. The lease includes an option to renew for a five-year term as well as an option to terminate after three years, neither of which have been recognized as part of its related right of use assets or lease liabilities as their election is not considered reasonably certain. In November 2022, the Company entered into a second amendment to the lease, (i) to reduce the square footage and (ii) to extend the lease term, which constituted a modification event under ASC 842 and, the lease classification for the asset remains as an operating lease. As a result of the remeasurement of the associated lease liabilities, the Company recognized additional right of use assets and corresponding lease liabilities of $0.1 million. Further, the second amendment to the lease does not include any material residual value guarantee or restrictive covenants.
At each of September 30, 2023 and December 31, 2022, the weighted average incremental borrowing rate for the operating leases held by the Company was 9.5%. At September 30, 2023 and December 31, 2022, the weighted average remaining lease terms for the operating leases held by the Company were 2.2 years and 2.9 years, respectively.
Maturities of lease liabilities for the Company’s operating leases as of September 30, 2023 were as follows (in thousands):
2023 (remaining three months)$48 
2024194 
2025177 
2026— 
2027— 
Thereafter— 
Total lease payments419 
Less: imputed interest(41)
Present value of lease liabilities$378 
Operating lease cost and the related operating cash flows for the nine months ended September 30, 2023 and 2022 was $0.2 million and $0.1 million, respectively.