Quarterly report pursuant to Section 13 or 15(d)

Leased Right-of-Use Assets, net

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Leased Right-of-Use Assets, net
 3 Months Ended
Mar. 31, 2024
Right Of Use Leased Asset [Abstract]  
Leased Right-of-Use Assets, net Leased Right-of-Use Assets, net
Leased right-of-use assets consisted of the following (in thousands):
As of
March 31, 2024 December 31, 2023
Office Lease Assets $ 9,437  $ 9,437 
Equipment Lease Assets 5,360  5,360 
Right-of-Use Assets, Gross 14,797  14,797 
Accumulated Amortization (5,787) (5,237)
Foreign Currency Translation Adjustment (779) (617)
Leased Right-of-Use Assets, net $ 8,231  $ 8,943 
As of March 31, 2024, the weighted-average lease term for the Company’s operating leases was 81 months and the weighted-average discount rate was 11.1%. As of December 31, 2023, the weighted-average lease term for operating leases was 83 months and the weighted-average discount rate was 11.1%.
Operating lease costs during the three months ended March 31, 2024 and 2023 were $0.4 million and $0.4 million, respectively, recorded within General and Administrative Expenses on the Company’s condensed consolidated statements of operations.
During the three months ended March 31, 2024, the Company recorded finance lease costs of $0.4 million primarily comprised of ROU amortization of $0.4 million. During the three months ended March 31, 2023, the Company recorded finance lease costs of $0.6 million primarily comprised of ROU amortization of $0.5 million. ROU amortization is recorded within General and Administrative Expenses and accretion of interest expense is recorded within Other Expense, net on the Company’s condensed consolidated statements of operations.