The Company’s leases consist primarily of operating leases for administrative office space, research and development facilities, manufacturing facilities, and sales offices in various countries around the world. The Company determines if an arrangement is a lease at inception. Some lease agreements contain lease and non-lease components, which are accounted for as a single lease component. Total rent expense was $0.2 million and $0.3 million for the three months ended March 31, 2025 and 2024, respectively.

Initial lease terms are determined at commencement and may include options to extend or terminate the lease when it is reasonably certain the Company will exercise the option. Remaining lease terms range from one to three years, some of which include options to extend for up to five years. Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets. As the Company’s leases do not provide an implicit rate, the present value of future lease payments is determined using the Company’s incremental borrowing rate based on information available at the lease commencement date.

The table below reconciles the undiscounted cash flows for the first five years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of March 31, 2025 (in thousands):


	March 31, 2025
2025 (remaining nine months)	$	759
2026		803
2027		367
2028		49
Total minimum lease payments		1,978
Less: amount of lease payments representing interest		(160	)
Present value of future minimum lease payments		1,818
Less: current liabilities under operating leases		(861	)
Long-term operating lease liabilities	$	957

As of March 31, 2025, the weighted average remaining lease term for the Company’s operating leases was 2.3 years, and the weighted average discount rate used to determine the present value of the Company’s operating leases was 7.7%.

In the first quarter of 2025, the Company recorded an impairment charge of $238,000 related to an operating lease right-of-use asset associated with vacated production space at its Singapore manufacturing facility.

Cash paid for amounts included in the measurement of operating lease liabilities was $0.3 million $0.2 million for the three months ended March 31, 2025 and 2024, respectively.