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Leases | 6 Months Ended
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Jun. 30, 2024
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 $10.5 million over the term of the lease. The components of operating lease expense were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease cost | $ | 368 |  |  | $ | 368 |  |  | $ | 735 |  |  | $ | 735 |
Variable lease expense | 150 |  |  | 136 |  |  | 300 |  |  | 259 |
Total lease expense | $ | 518 |  |  | $ | 504 |  |  | $ | 1,035 |  |  | $ | 994 |
Variable lease expense consists of the Company’s proportionate share of operating expenses, property taxes, and insurance. As of June 30, 2024, the weighted-average remaining lease term was 3.7 years and the weighted-average discount rate was 5.6%. As of June 30, 2024, the maturities of the Company’s operating lease liabilities were as follows:
(in thousands) |
Remainder of 2024 | $ | 790 |
2025 | 1,627 |
2026 | 1,674 |
2027 | 1,729 |
2028 | 297 |
Total lease payments | 6,117 |
Less: Imputed interest | (611) |
Present value of lease liabilities | $ | 5,506 |

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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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