Leases

3 Months Ended

Mar. 31, 2024

9. Leases

The underlying assets of the Company’s leases primarily relate to office space leases, but also include some equipment leases. The Company determines if an arrangement qualifies as a lease at its inception.

As of March 31, 2024 and December 31, 2023, all leases were classified as operating leases. Additional information related to the operating lease assets and liabilities is as follows (in thousands):


	March 31,			December 31,
	2024			2023
Right-of-use assets	$	14,994		$	16,745
Operating Lease Liabilities	$	16,027		$	17,895
Weighted Average Remaining Term in years		2.64		2.83
Weighted Average discount rate used to measure outstanding lease liabilities		7.25	%		7.20	%

For the three months ended March 31, 2024 and 2023, the lease cost for operating lease expense was $1.5 million and $1.7 million, respectively.

Supplemental cash flow information related to operating leases for the three months ended March 31, 2024 and 2023 is as follows (in thousands):


	2024		2023
Operating cash flows from operating leases	$	2,311	$	2,022

The maturities of the Company’s operating lease liabilities as of March 31, 2024 are as follows (in thousands):


2024		5,352
2025		6,188
2026		5,278
2027		858
Total future minimum lease payments		17,676
Less Imputed interest		(1,649	)
Total operating lease liabilities	$	16,027