Leases (Tables)

9 Months Ended

Sep. 30, 2025

Operating Leases Right of Use Asset and Lease Liability

The following table presents the components of the Company’s operating leases on its condensed consolidated balance sheets for the periods presented:

	September 30, 2025		December 31, 2024
	(In thousands)
Operating leases:
Office space	$	1,257	$	1,083
Vehicles and equipment		347		240
Total right–of–use asset	$	1,604	$	1,323

Office space	$	1,398	$	1,141
Vehicles and equipment		340		225
Total lease liability	$	1,738	$	1,366

Weighted-average Remaining Lease Terms and Discount Rates

The Company’s weighted–average remaining lease terms and discount rates as of September 30, 2025 are as follows:

	Operating Leases
Weighted–average lease term (years)		2.91
Weighted–average discount rate		10.2	%

Components Lease Costs

The Company recognizes lease expense for these leases on a straight–line basis. The following table presents the components of the Company’s lease costs during the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In thousands)
Operating lease cost	$	288	$	50	$	682	$	141
Short–term lease cost ⁽¹⁾		—		—		—		25
Variable lease cost ⁽²⁾		88		3		206		10
Total lease cost	$	376	$	53	$	888	$	176

⁽¹⁾	One of the Company’s office space operating leases, which expired in September 2024, had an initial lease term of less than 12 months and was considered a short-term lease. The Company does not capitalize short–term leases, instead the costs are expensed as they are incurred.

⁽²⁾	Variable lease costs include operating costs, such as parking costs and property taxes, associated with the Company’s office leases. The Company expenses variable lease costs as they are incurred.

Supplemental Cash Flow Related to Operating Leases

The Company’s supplemental cash flow disclosures related to operating leases are presented below for the periods indicated:

	Nine Months Ended September 30,
	2025		2024
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases	$	578	$	131
Right-of-use assets obtained in exchange for operating liabilities	$	812	$	1,020