The Company has operating leases for office space, a manufacturing facility, warehouse, research and development facilities and equipment. Leases with terms of 12 months or less are not recorded on the balance sheet, as the related lease expenses are recognized on a straight-line basis over the lease term. The Company accounts for lease components (such as fixed payments) separately from non-lease components (such as common area expenses).

In April 2024, the Company entered into an amendment to its office space located in Redwood City, California, which reduced the total office space to approximately 78,000 square feet, beginning on June 1, 2024 and ending on December 31, 2031. Pursuant to the lease amendment, the landlord provided the Company with a tenant improvement allowance of up to $4.7 million. The amendment increased the right-of-use asset and lease liability by $15.5 million.

The weighted average lease terms and discounts rates are as follows:


	June 30, 2024	December 31, 2023
Operating Lease Term and Discount Rate
Weighted-average remaining lease term	7.41 years	2.86 years
Weighted-average discount rate	7.0%	7.0%

As of June 30, 2024, the maturity of lease liabilities are as follows (in thousands):


	Operating Leases
2024, remaining months	$	491
2025		545
2026		5,323
2027		5,508
2028		5,698
Thereafter		18,071
Total lease payments		35,636
Less: Interest		(11,377	)
Present value of lease liabilities	$	24,259

Lease payments in 2025 are net of a tenant improvement allowance of $4.7 million that the Company expects to receive in 2025.

Supplemental lease cost information are as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating lease cost	$	1,221	$	1,342	$	2,563	$	2,685

Supplemental balance sheet information are as follows (in thousands):


	June 30, 2024		December 31, 2023
Operating Leases:
Operating lease assets	$	22,401	$	8,944

Other current liabilities	$	369	$	5,722
Long term operating lease liabilities		23,890		4,634
Total operating lease liabilities	$	24,259	$	10,356

Supplemental cash flow information are as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	591	$	1,496	$	1,989	$	2,974