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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Leases The Company leases office space and equipment, and certain office space was subleased during 2022. Management determines if a contract is a lease at the inception of the arrangement and reviews all options to extend, terminate, or purchase its right-of-use assets at the inception of the lease and accounts for these options when they are reasonably certain of being exercised. Leases with an initial term of greater than twelve months are recorded on the consolidated balance sheet. Lease expense is recognized on a straight-line basis over the lease term. The Company’s lease contracts generally do not provide a readily determinable implicit rate. For these contracts, the estimated incremental borrowing rate is based on information available at the inception of the lease. Operating lease cost consists of the following (in thousands):
| Year Ended December 31,
| 2023 |  | 2022
Lease cost | $ | 1,674 |  |  | $ | 1,654 |
Sublease income | — |  |  | (18) |
Total lease cost | $ | 1,674 |  |  | $ | 1,636 |
Operating lease assets and liabilities are summarized as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022
Right-of-use assets | $ | 2,759 |  |  | $ | 3,722 |
Current lease liabilities | $ | 1,483 |  |  | $ | 1,441 |
Long-term lease liabilities | 1,780 |  |  | 2,976 |
Total lease liabilities | $ | 3,263 |  |  | $ | 4,417 |
In the year ended December 31, 2023, the Company recognized a noncash increase for the right-of-use asset obtained in exchange for the new operating lease liability in the amount of $0.3 millions There were no such transactions in the year ended December 31, 2022. The maturity of operating lease liabilities is presented in the following table (in thousands):
| As of December 31, 2023
2024 | 1,629 |
2025 | 1,272 |
2026 | 561 |
Total lease payments | 3,462 |
Less imputed interest | 199 |
Present value of lease liabilities | 3,263 |
Additional information relating to the Company’s operating leases follows:
| As of December 31, 2023 | As of December 31, 2022
Weighted average remaining lease term (years) | 2.31 | 3.08
Weighted average discount rate | 6.47% | 6.22%

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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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