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Leases (Tables)
3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Lease Balance Sheet Information

The following table presents the lease balances within the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (in thousands):

 

 

 

 

March 31,

 

 

December 31,

 

Leases

 

Classification

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Operating

 

Operating leases right-of-use assets

 

$

10,922

 

 

$

11,217

 

Finance

 

Property and equipment, net

 

 

129

 

 

 

125

 

Total lease assets

 

 

 

 

11,051

 

 

 

11,342

 

Liabilities

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

Operating

 

Lease liabilities

 

 

1,023

 

 

 

946

 

Finance

 

Lease liabilities

 

 

32

 

 

 

28

 

Noncurrent

 

 

 

 

 

 

 

 

Operating

 

Long-term lease liabilities

 

 

10,879

 

 

 

11,216

 

Finance

 

Long-term lease liabilities

 

 

108

 

 

 

106

 

Total lease liabilities

 

 

 

$

12,042

 

 

$

12,296

 

Schedule of Maturities of Lease Liabilities

Maturities of the Company’s operating and finance lease liabilities as of March 31, 2025 were as follows (in thousands):

 

 

 

Operating

 

 

Finance

 

Year Ended December 31,

 

Leases

 

 

Leases

 

2025 (remainder)

 

$

1,938

 

 

$

37

 

2026

 

 

2,911

 

 

 

50

 

2027

 

 

3,066

 

 

 

50

 

2028

 

 

3,165

 

 

 

43

 

2029

 

 

3,258

 

 

 

 

2030

 

 

3,365

 

 

 

 

Thereafter

 

 

284

 

 

 

 

Total lease payments

 

 

17,987

 

 

 

180

 

Less: imputed interest

 

 

(6,085

)

 

 

(40

)

Total lease liabilities

 

$

11,902

 

 

$

140

 

Summary of Weighted Average Remaining Lease Term and Discount Rate

The weighted average remaining lease term and weighted average discount rate used to determine lease liabilities related to the Company’s operating and finance leases as of March 31, 2025 and December 31, 2024 were:

 

 

March 31,

 

 

December 31,

 

Lease Term and Discount Rate

 

2025

 

 

2024

 

Weighted average remaining lease term (years)

 

 

 

 

 

 

Operating leases

 

 

5.83

 

 

 

6.08

 

Finance leases

 

 

3.60

 

 

 

3.85

 

Weighted average discount rate

 

 

 

 

 

 

Operating leases

 

 

14.4

%

 

 

14.4

%

Finance leases

 

 

14.3

%

 

 

14.4

%