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Commitments and Contingencies (Tables) | 3 Months Ended
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Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
Summary of Operating Lease Expense | The below tables provide supplemental cash flow and other information related to operating leases (in thousands, except for lease term and discount rate):
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  | $ | 901 |  |  | $ | 860 |
Right-of-use assets obtained in exchange for lease obligations: |  | $ | — |  |  | $ | — |
|  | As of March 31,
|  | 2024 |  | 2023
Weighted average remaining lease term (in years) |  | 7.5 |  | 8.4
Weighted average discount rate |  | 4.3 | % |  | 4.3 | %
The following table summarizes the components of operating lease expense for the three months ended March 31, 2024 and 2023:
|  |  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  |  | 2024 |  | 2023
Operating lease cost |  |  |  |  |  | 796 |  |  | 781 |
Variable lease cost |  |  |  |  |  | 381 |  |  | 335 |
Total lease costs |  |  |  |  |  | 1,177 |  |  | 1,116 |
Schedule of Future Minimum Lease Commitments | Future minimum lease commitments are as follows as of March 31, 2024 (in thousands):
Maturity Dates |  | Operating Leases
Remaining nine months ended December 31, 2024 |  | $ | 2,585 |
2025 |  | 3,772 |
2026 |  | 3,869 |
2027 |  | 3,970 |
2028 |  | 4,103 |
Thereafter |  | 11,298 |
Total lease payments |  | 29,597 |
Less imputed interest |  | (4,663) |
Present value of lease liabilities |  | $ | 24,934 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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