LEASES

12 Months Ended

Dec. 31, 2024

LEASES:

LEASES

6. LEASES

Lease expense was comprised of the following (in thousands):

	Year Ended December 31,
	2024		2023		2022
Operating lease expense (1)	$	1,577	$	1,534	$	1,457
Short-term lease and variable lease expense (2)		1,049		923		1,032
Total lease expense	$	2,626	$	2,457	$	2,489

(1) Net of gain recognized upon lease termination of $0.1 million in the year ended December 31, 2022.

(2) Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets, and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Variable lease expense for the periods presented primarily included common area maintenance charges.

Supplemental information related to operating leases were as follows:

	December 31,
	2024			2023
Weighted average remaining lease term under operating leases (in years)		3.3			4.4
Weighted average discount rate for operating lease liabilities		6.01	%		4.96	%

Maturity of operating lease liabilities as of December 31, 2024 were as follows (in thousands):

Year Ending December 31,	Amount
2025	$	1,836
2026		1,559
2027		1,485
2028		847
Total future minimum lease payments		5,727
Less: Interest (1)		(548)
Present value of future minimum lease payments under operating lease liabilities	$	5,179
Reported as of December 31, 2024:
Operating lease liabilities – current	$	1,675
Operating lease liabilities – non-current		3,504
Total	$	5,179

(1) Calculated using incremental borrowing interest rate for each lease.