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Leases (Tables)
3 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Summary of future minimum lease payments under non-cancellable operating leases

Future minimum lease payments under non-cancellable operating leases in effect as of June 30, 2023, are as follows:

 

in thousands

 

 

 

FY2024 (remaining nine months)

 

$

49

 

FY2025

 

 

67

 

FY2026

 

 

60

 

Total future minimum lease payments

 

 

176

 

Present value adjustment

 

 

(8

)

Operating lease liability

 

$

168

 

Schedule of lease cost

The following table reports information about the Company’s lease cost for the three months ended June 30, 2023 (in thousands):

Lease cost:

Operating lease cost

$

16

Variable lease cost

1

Total lease cost

$

17


 

The following table reports information about the Company’s lease cost for the three months ended June 30, 2022 (in thousands):

 

 

 

 

 

Lease cost:

Operating lease cost

$

458

Variable lease cost

95

Total lease cost

$

553

Schedule of other lease information

The following table reports other information about the Company’s leases for the three months ended June 30, 2023 (dollar amounts in thousands):

 

 

 

 

 

 

Other Lease Information

Operating Lease - Operating Cash Flows (Fixed Payments)

$

8

Operating Lease - Operating Cash Flows (Liability Reduction)

$

8

Weighted Average Lease Term - Operating Leases

2.7 years

Weighted Average Discount Rate - Operating Leases

6.5%

The following table reports other information about the Company’s leases for the three months ended June 30, 2022 (dollar amounts in thousands):

 

 

 

 

 

Other Lease Information

Operating Lease - Operating Cash Flows (Fixed Payments)

$

445

Operating Lease - Operating Cash Flows (Liability Reduction)

$

379

Weighted Average Lease Term - Operating Leases

4.0 years

Weighted Average Discount Rate - Operating Leases

6.5%