Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.24.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Schedule of Quantitative Information About Operating Leases
The following summarizes quantitative information about our operating leases (amounts in thousands):
For the three months ended For the nine months ended
September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Operating leases:
Operating lease cost $ 239  $ 239  $ 717  $ 717 
Total operating lease cost $ 239  $ 239  $ 717  $ 717 
Finance leases:
Interest lease cost $ 186  $ 122  $ 430  $ 142 
Depreciation expense 1,171  318  1,743  368 
Total finance lease expense $ 1,357  $ 440  $ 2,173  $ 510 
Other information related to the Company’s leases is shown below (dollar amounts in thousands):
For the nine months ended
September 30, 2024 September 30, 2023
Operating cash flows used in operating leases $ (714) $ (606)
September 30, 2024 December 31, 2023
Weighted-average remaining lease term – operating leases (in years) 6.7 7.4
Weighted-average remaining lease term – finance leases (in years) 2.4 3.8
Weighted-average discount rate – operating leases 10.00  % 10.00  %
Weighted-average discount rate – finance leases 9.26  % 7.56  %
Finance lease asset (1) $ 7,554  $ 5,809 
(1) As of September 30, 2024 and December 31, 2023, the Company had recorded accumulated depreciation of approximately $2.7 million and $0.8 million for the finance lease asset, respectively. Finance lease assets are recorded within property and equipment, net on the Company’s Condensed Consolidated Balance Sheets.
Schedule of Maturity of Operating Leases
Maturities of the Company’s operating leases, excluding short-term leases, are as follows (in thousands):
Operating Lease Finance Lease Total
Three Months Ended December 31, 2024 238  1,062  1,300 
Year Ended December 31, 2025 977  4,175  5,152 
Year Ended December 31, 2026 941  1,840  2,781 
Year Ended December 31, 2027 955  1,188  2,143 
Year Ended December 31, 2028 982  121  1,103 
Thereafter 2,669  —  2,669 
Total lease payments 6,762  8,386  15,148 
Less present value discount (1,906) (826) (2,732)
Total $ 4,856  $ 7,560  $ 12,416