| LEASES Supplemental balance sheet information related to leases is as follows (in thousands):
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| Operating leases |
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June 30, 2024 |
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March 31, 2024 |
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| Operating lease right-of-use asset |
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$ |
9,344 |
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$ |
9,425 |
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| Operating lease liabilities, current portion |
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1,351 |
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|
1,256 |
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| Operating lease liability, net of current portion |
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9,464 |
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9,621 |
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| Total operating lease liabilities |
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$ |
10,815 |
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$ |
10,877 |
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Components of lease cost were as follows (in thousands):
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Three Months Ended June 30, |
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| Lease Cost |
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2024 |
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2023 |
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| Operating lease cost |
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$ |
712 |
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$ |
875 |
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| Variable lease cost |
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70 |
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|
122 |
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| Total lease cost |
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$ |
782 |
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$ |
997 |
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| Maturity of Lease Liabilities |
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Operating Leases |
| Remainder of 2025 |
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$ |
2,009 |
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| 2026 |
|
2,227 |
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| 2027 |
|
1,733 |
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| 2028 |
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1,533 |
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| 2029 |
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1,213 |
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| Thereafter |
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12,089 |
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| Total lease payments |
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$ |
20,804 |
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| Less: imputed interest |
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(9,989) |
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| Present value of lease liabilities |
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$ |
10,815 |
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| Lease Term and Discount Rate |
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June 30, 2024 |
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March 31, 2024 |
| Weighted average remaining operating lease term (years) |
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10.28 |
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10.53 |
| Weighted average discount rate for operating leases |
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12.60 |
% |
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12.64 |
% |
Operating cash outflows related to operating leases totaled $0.7 million and $0.9 million for the three months ended June 30, 2024 and 2023, respectively.
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