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Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

7. Leases

The Company’s headquarters are located in Irvine, California, where it leases office space under a lease agreement that expires in November 2026. The Company leases additional office space located in Sandwich, United Kingdom under a lease agreement that expires in October 2027, with an option to early terminate in October 2025 with no termination fee. In January 2024, the Company exercised its early termination option.

Other information related to the Company’s operating leases as of the balance sheet dates presented are as follows:

		As of March 31,
		2024				2023
Weighted incremental borrowing rate			5	%			5	%
Weighted average remaining lease term (in years)			2.5				3.8
Cash paid for amounts included in the measurement of lease liabilities (in thousands)		$	96			$	142
Lease expense (in thousands)		$	83			$	120

Maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows (in thousands):

		As of March 31, 2024
2024 (remaining nine months)		$	293
2025			371
2026			285
Total lease payments			949
Less: Imputed interest			(42	)
Present value of lease liabilities		$	907

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- References

No definition available.

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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

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