v3.24.2.u1
Lease Accounting (Tables)
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Schedule of Weighted Average Lease Terms and Discounts Rates

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%

Schedule of Maturity of Lease Liabilities

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

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

 

 

Schedule of Operating Lease Assets and Liabilities

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

 

 

Schedule of Supplemental Cash Flow Information Related to Lease

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