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Leases | 9 Months Ended
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Sep. 30, 2024
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 included an option to renew for a five-year term as well as an option to terminate after three years, neither of which was recognized as part of its related right of use assets or lease liabilities as their election was 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. Further, th e second amendment to the lease does not include any material residual value guarantee or restrictive covenants. At each of September 30, 2024 and December 31, 2023, the weighted average incremental borrowing rate for the operating lease held by the Company was 9.5%. At September 30, 2024 and December 31, 2023, the weighted average remaining lease terms for the operating lease held by the Company were 1.2 years and 1.9 years, respectively. Maturities of lease liabilities for the Company’s operating lease as of September 30, 2024 were as follows (in thousands):
2024 (remaining three months) | $ | 48 |
2025 | 177 |
2026 | — |
2027 | — |
2028 | — |
Thereafter | — |
Total lease payments | 225 |
Less: imputed interest | (12) |
Present value of lease liabilities | $ | 213 |
Operating lease cost and the related operating cash flows for the nine months ended September 30, 2024 and 2023 was $0.2 million.

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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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