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Leases | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Leases | Note 6. Leases The Company leases office space under non-cancellable operating leases. In January 2021, the Company commenced a lease in San Jose, California. The lease expires in February 2028. The Company is obligated to pay approximately $11 million over the term of the lease. Prior to December 31, 2021, the Company modified two minor leases to extend access until April 2022 to aid the full transition to the San Jose facility. The Company had one additional minor lease that expired in November 2022. The components of operating lease expense were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease cost | $ | 368 |  |  | $ | 404 |  |  | $ | 735 |  |  | $ | 844 |
Variable lease expense | 136 |  |  | 141 |  |  | 259 |  |  | 291 |
Total lease expense | $ | 504 |  |  | $ | 545 |  |  | $ | 994 |  |  | $ | 1,135 |
Variable lease expense consists of the Company’s proportionate share of operating expenses, property taxes, and insurance. As of June 30, 2023, the weighted-average remaining lease term was 4.7 years and the weighted-average discount rate was 5.6%. As of June 30, 2023, the maturities of the Company’s operating lease liabilities were as follows:
(in thousands) |
Remainder of 2023 | $ | 767 |
2024 | 1,580 |
2025 | 1,627 |
2026 | 1,674 |
2027 | 1,729 |
Thereafter | 297 |
Total lease payments | 7,674 |
Less: Imputed interest | (958) |
Present value of lease liabilities | $ | 6,716 |

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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 + Details
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