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Right-of-Use Assets and Lease Liabilities
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Right-of-Use Assets and Lease Liabilities Right-of-Use Assets and Lease Liabilities
The Company’s operating leases are primarily office space, while finance leases are certain office equipment. The Company’s related Right-of-Use (“ROU”) assets and lease liabilities are comprised of the following as of each period end:
As of December 31,
(Amounts in thousands)20232022
Operating leases:
Right-of-use assets$5,933 $2,686 
Lease liability, current1,166 781 
Lease liability, non-current5,731 2,365 
Finance leases:  
Right-of-use assets$— $116 
Lease liability, current— 53 
Lease liability, non-current— 61 
Other information related to leases is presented below:
Years Ended December 31,
(Amounts in thousands)20232022
Other information:
Operating lease cost$1,451 $297 
Variable lease cost518 — 
Sublease income542 — 
Operating cash flows from operating right-of-use assets1,969 352 
Initial recognition of operating right-of-use assets933 — 
Remeasurement of operating right-of-use assets1,280 — 
During the year ended December 31, 2023, the Company (i) recognized $0.9 million of operating right-of-use assets and lease liabilities due to a new lease for the relocation of its corporate office in September 2023, (ii) remeasured its operating right-of-use assets due to changes in the lease terms of certain underlying leases, resulting in an aggregate increase in the related right-of-use assets and lease liabilities of approximately $1.3 million, and (iii) settled certain operating leases, which were either terminated or assumed by a third party, in the amount of approximately $0.4 million (presented in the consolidated statements of cash flows) and a related net gain of less than $0.1 million included within (gain) loss on asset disposal in the consolidated statements of operations.
In addition, during the year ended December 31, 2023, the Company purchased the equipment related to its existing finance leases for approximately $0.1 million, thereby settling all outstanding finance lease liabilities as of December 31, 2023. The Company also recognized a related loss of approximately $0.1 million included within (gain) loss on asset disposal in the consolidated statements of operations.
The Company was a party to a noncancelable lease agreement for office, research and development, and vehicle development and installation facilities with a holder of more than 5% of the Company’s Common Stock, of which the lease expired in the third quarter of 2022. The related operating lease costs for the year ended December 31, 2022 was $0.1 million.
As of December 31,
20232022
Weighted-average remaining lease term – operating leases (in months)68.349.8
Weighted-average discount rate – operating leases7.2 %2.9 %
As of December 31, 2023, the annual minimum lease payments of the Company’s operating lease liabilities were as follows (in thousands):
As of December 31,
(Amounts in thousands)2023
2024
$1,616 
20251,269 
20261,206 
20271,258 
20281,397 
Thereafter1,768 
Total future minimum lease payments, undiscounted8,514 
  Less: Imputed interest(1,617)
Present value of future minimum lease payments$6,897 
Right-of-Use Assets and Lease Liabilities Right-of-Use Assets and Lease Liabilities
The Company’s operating leases are primarily office space, while finance leases are certain office equipment. The Company’s related Right-of-Use (“ROU”) assets and lease liabilities are comprised of the following as of each period end:
As of December 31,
(Amounts in thousands)20232022
Operating leases:
Right-of-use assets$5,933 $2,686 
Lease liability, current1,166 781 
Lease liability, non-current5,731 2,365 
Finance leases:  
Right-of-use assets$— $116 
Lease liability, current— 53 
Lease liability, non-current— 61 
Other information related to leases is presented below:
Years Ended December 31,
(Amounts in thousands)20232022
Other information:
Operating lease cost$1,451 $297 
Variable lease cost518 — 
Sublease income542 — 
Operating cash flows from operating right-of-use assets1,969 352 
Initial recognition of operating right-of-use assets933 — 
Remeasurement of operating right-of-use assets1,280 — 
During the year ended December 31, 2023, the Company (i) recognized $0.9 million of operating right-of-use assets and lease liabilities due to a new lease for the relocation of its corporate office in September 2023, (ii) remeasured its operating right-of-use assets due to changes in the lease terms of certain underlying leases, resulting in an aggregate increase in the related right-of-use assets and lease liabilities of approximately $1.3 million, and (iii) settled certain operating leases, which were either terminated or assumed by a third party, in the amount of approximately $0.4 million (presented in the consolidated statements of cash flows) and a related net gain of less than $0.1 million included within (gain) loss on asset disposal in the consolidated statements of operations.
In addition, during the year ended December 31, 2023, the Company purchased the equipment related to its existing finance leases for approximately $0.1 million, thereby settling all outstanding finance lease liabilities as of December 31, 2023. The Company also recognized a related loss of approximately $0.1 million included within (gain) loss on asset disposal in the consolidated statements of operations.
The Company was a party to a noncancelable lease agreement for office, research and development, and vehicle development and installation facilities with a holder of more than 5% of the Company’s Common Stock, of which the lease expired in the third quarter of 2022. The related operating lease costs for the year ended December 31, 2022 was $0.1 million.
As of December 31,
20232022
Weighted-average remaining lease term – operating leases (in months)68.349.8
Weighted-average discount rate – operating leases7.2 %2.9 %
As of December 31, 2023, the annual minimum lease payments of the Company’s operating lease liabilities were as follows (in thousands):
As of December 31,
(Amounts in thousands)2023
2024
$1,616 
20251,269 
20261,206 
20271,258 
20281,397 
Thereafter1,768 
Total future minimum lease payments, undiscounted8,514 
  Less: Imputed interest(1,617)
Present value of future minimum lease payments$6,897