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Operating Leases
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Operating Leases Operating LeasesThe Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019 and recognized leases with duration greater than 12 months on the balance sheet using the modified retrospective approach. The Company has operating leases for two offices, one of which expired on March 31, 2023 and the other expires in 2025. The Company estimates its incremental borrowing rate at lease commencement to determine the present value of lease payments as most of the Company's leases do not provide an implicit rate of return. The Company recognizes lease expense on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of Topic 842, the Company elected to account for non-lease components associated with its leases and lease components as a single lease component. Each of the Company's leases includes options for the Company to extend the lease term and/or sub-lease space in whole or in part.
Operating lease liabilities and right-of-use assets were recorded in the following captions of our balance sheet as follows (in thousands):
March 31, 2023December 31, 2022
Right-of-Use Assets:
Other assets$425 $487 
Total Right-of-Use Asset$425 $487 
Operating Lease Liabilities:
Accrued liabilities$156 $180 
Other long-term liabilities265 305 
Total Operating Lease Liabilities$421 $485 
    
As of March 31, 2023, the weighted average remaining lease term for our operating lease was 2.5 years, and the weighted average discount rate for our operating lease was 9.625%. As of December 31, 2022, the weighted average remaining lease term for our operating leases was 1.50 years, and the weighted average discount rate for our operating leases was 9.625%.
Future minimum lease payments under the lease agreement as of March 31, 2023 were as follows (in thousands):
Years endedOperating Leases
2023143 
2024190 
2025143 
Total lease payments476 
Less: Amounts representing interest(55)
Present value of lease liabilities$421