Annual report pursuant to Section 13 and 15(d)

Property and Equipment (Tables)

v3.23.1
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Summary of Property and Equipment
Property and equipment as of December 31, 2022 and 2021 consisted of the following (in thousands):
 
  December 31,
  2022 2021
Furniture and equipment $ 280  $ 185 
Computers and software 56  56 
Right-of-use assets 1,750  2,001 
Leasehold improvements 739  739 
Total property and equipment 2,825  2,981 
Less accumulated depreciation (414) (286)
Property and equipment, net $ 2,411  $ 2,695 
Summary of Assets and Liabilities Lessee
Supplemental balance sheet information related to the leased properties include (in thousands):
  As of
  December 31, 2022 December 31, 2021
Property and equipment, net $ 1,750  $ 2,001 
Accrued expenses and other current liabilities $ 532  $ 485 
Other long-term liabilities 1,711  2,018 
Total operating lease liabilities $ 2,243  $ 2,503 
Components of Lease Expense
The components of lease expense for the years ended December 31, 2022 and 2021 were as follows (in thousands):
  Year Ended December 31,
2022 2021
Operating lease cost* $ 493  $ 393 
*Includes short-term leases, which are immaterial.
Operating Lease Maturities The following table shows a maturity analysis of the operating lease liability as of December 31, 2022 (in thousands):
 
  Undiscounted Cash Flows
2023 532 
2024 537 
2025 547 
2026 557 
2027 258 
Thereafter 426 
Total lease payments $ 2,857 
Less implied interest (614)
Total $ 2,243