Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.23.3
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Summary of Components of Lease Expenses

The components of lease expense for the three and nine months ended September 30, 2023 and 2022 were as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

Operating Lease Cost

 

$

1,515

 

 

$

1,531

 

 

$

4,548

 

 

$

4,593

 

 

Financing Lease Cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of ROU assets

 

 

28

 

 

 

28

 

 

 

87

 

 

 

86

 

 

Interest on lease liabilities

 

 

2

 

 

 

2

 

 

 

7

 

 

 

6

 

 

Total

 

 

30

 

 

 

30

 

 

 

94

 

 

 

92

 

 

Summary of Future Minimum Lease Payments and Rentals under Lease Agreements For Office Space

Future minimum lease payments and rentals under lease agreements for office space are as follows:

 

 

Operating Leases

 

 

Non-cancellable
Subleases

 

 

Operating Lease
Liabilities

 

Remainder of 2023

 

$

1,644

 

 

$

(30

)

 

$

1,614

 

2024

 

 

6,557

 

 

 

(120

)

 

 

6,437

 

2025

 

 

6,571

 

 

 

(40

)

 

 

6,531

 

2026

 

 

6,562

 

 

 

 

 

 

6,562

 

2027

 

 

6,523

 

 

 

 

 

 

6,523

 

Thereafter

 

 

6,604

 

 

 

 

 

 

6,604

 

Total

 

$

34,461

 

 

$

(190

)

 

$

34,271

 

Weighted-average remaining lease term – operating leases (months)

 

 

 

 

 

 

 

 

64.3

 

Weighted-average discount rate

 

 

 

 

 

 

 

 

4.5

%

Assets Relating to Finance Leases Included in Equipment

The assets relating to finance leases that are included in equipment as of September 30, 2023 and December 31, 2022 are as follows:

 

 

September 30,
2023

 

 

December 31,
2022

 

Finance lease assets included in furniture and equipment

 

$

503

 

 

$

503

 

Less: Accumulated depreciation and amortization

 

 

(248

)

 

 

(161

)

 

$

255

 

 

$

342

 

Summary of Future Minimum Lease Payments under Finance Leases

Future minimum lease payments under finance leases are as follows:

 

 

Future Minimum Lease
Commitments

 

Remainder of 2023

 

$

23

 

2024

 

 

85

 

2025

 

 

75

 

2026

 

 

45

 

2027

 

 

31

 

Thereafter

 

 

 

Total

 

$

259

 

Weighted-average remaining lease term – finance leases (months)

 

 

39.1

 

Weighted-average discount rate

 

 

3.0

%