Commitments and Contingencies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Cloud Computing Services
In May 2024, the Company entered into a non-cancelable five-year contract to obtain cloud computing services that replaced a prior three-year contract entered into in June 2021. The purchase commitment over the five-year period is $5.3 million and includes three commitment periods with the following commitment amounts:
Under this contract, if the actual amount spent during any commitment period is less than the respective commitment amount, then the Company will be required to pay such deficit and such payment cannot be recovered by spending more than the commitment amount in a subsequent commitment period. Any amounts spent during a commitment period in excess of the respective commitment amount will carry over to the subsequent commitment period and count toward that period's commitment amount.
As of June 30, 2024, the Company has spent $56 thousand against this contract.
Legal
In the normal course of business, the Company may receive inquiries or become involved in legal disputes regarding various litigation matters. As of June 30, 2024 and December 31, 2023, there were no legal contingency matters, either individually or in aggregate, that would have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Given the unpredictable nature of legal proceedings, the Company bases its assessment on the information available at the time. As additional information becomes available, the Company reassesses the potential liability and may revise the estimate. No liability related to such matters has been recorded at June 30, 2024 or December 31, 2023.
Indemnification Agreements
In the normal course of business, the Company may indemnify other parties when it enters into contractual relationships, including members of the Company’s board of directors, employees, customers, lessors and parties to other transactions with the Company. The Company may agree to hold other parties harmless against specific losses, such as those that could arise from a breach of representation, covenant, or third-party infringement claims. It may not be possible to determine the maximum potential amount of liability under such indemnification agreements due to the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. As a result, no liability for these agreements has been recorded at June 30, 2024 or December 31, 2023.
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