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LEASES (Tables)
 3 Months Ended
Mar. 31, 2024
LEASES [Abstract]  
Net Operating Lease Expense

For the three months ended March 31, 2024 and 2023, the net operating lease expenses were as follows (in thousands):

   
Three months ended March 31,
  

  2024
     2023
  
Operating lease expense
  
$
1,637
    
$
68
  
Sublease income
    
(21
)
    
(21
)
Variable lease expense
    
330
      
5
  
Total lease expense
  
$
1,946
    
$
52
  
Operating Lease Right-of-use Assets and Liabilities

The tables below show the beginning balances of the operating ROU assets and lease liabilities as of January 1, 2024 and the ending balances as of March 31, 2024, including the changes during the period (in thousands).

   
Operating Lease
ROU Assets
  
       
Operating lease ROU assets at January 1, 2024
  
$
32,781
  
Adjustment to ROU asset for remeasurement of Somerville Sublease liability
     4,245
  
Amortization of operating lease ROU assets
    
(502
)
Operating lease ROU assets at March 31, 2024
  
$
36,524
  

   
Operating Lease
Liabilities
  
Operating lease liabilities at January 1, 2024
  
$
35,070
  
Adjustment to lease liablity due to remeasurement of Somerville Sublease
     4,245  
Accretion of interest for Somerville Sublease
     709  
Principal payments on operating lease liabilities
    
(585
)
Operating lease liabilities at March 31, 2024
    
39,439
  
Less non-current portion
    
36,565
  
Current portion at March 31, 2024
  
$
2,874
  
Maturities of Operating Lease Liabilities The maturities of the operating lease liabilities are as follows (in thousands):

   
As of
March 31, 2024
 
2024
  
$
5,532
  
2025
    
6,075
  
2026
    
6,238
  
2027
    
6,308
  
2028
    
6,406
  
Thereafter
    
33,880
  
Total payments
    
64,439
  
Less imputed interest
    
(25,000
)
Total operating lease liabilities
  
$
39,439