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Leases

6 Months Ended

Jun. 30, 2024

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 and made the final termination lease payment of $0.2 million in July 2024.

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


	As of June 30,
	2024			2023
Weighted incremental borrowing rate		5	%		5	%
Weighted average remaining lease term (in years)		2.3			3.7
Cash paid for amounts included in the measurement of lease liabilities (in thousands)	$	194		$	142
Lease expense (in thousands)	$	148		$	241

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


	As of June 30, 2024
2024 (remaining six months)	$	195
2025		371
2026		285
Total lease payments		851
Less: Imputed interest		(28	)
Present value of lease liabilities	$	823