Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.22.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Operating Lease Costs, Lease Term and Discount Rate
The following table summarizes operating lease costs included in operating expenses (in thousands):
  Three Months Ended June 30,
2022 2021
Operating lease costs $ 331  $ 379 
Variable lease costs (1) 165  181 
Total lease cost $ 496  $ 560 
(1) Variable lease costs include certain additional charges for operating costs, including insurance, maintenance, taxes, utilities, and other costs incurred, which are billed based on both usage and as a percentage of the Company’s share of total square footage.
The following table summarizes the weighted-average remaining lease term and discount rate:
  As of June 30, 2022
Weighted-average remaining lease term (years) 10.0
Weighted-average discount rate 10.5  %
Maturities of Operating Lease Liabilities
As of June 30, 2022, the maturities of the Company’s operating lease liabilities and future minimum lease payments were as follows (in thousands):
  Total
2022 $ 1,152 
2023 2,059 
2024 2,059 
2025 2,059 
2026 2,059 
Thereafter 11,494 
Total undiscounted lease payments 20,882 
Less: present value adjustment (7,632)
Present value of lease liabilities $ 13,250