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Leases
 6 Months Ended
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)2024202320242023
Operating lease cost$368 $368 $735 $735 
Variable lease expense150 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 
20251,627 
20261,674 
20271,729 
2028297 
Total lease payments6,117 
Less: Imputed interest(611)
Present value of lease liabilities$5,506