Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Operating Leases Right of Use Asset

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

	December 31, 2024		December 31, 2023
	(In thousands)
Office space	$	1,083	$	—
Vehicles		240		155
Total right–of–use asset	$	1,323	$	155
Office space	$	1,141	$	—
Vehicles		225		136
Total lease liability	$	1,366	$	136

Schedule of Weighted-average Remaining Lease Terms and Discount Rates

The Company’s weighted–average remaining lease terms and discount rates as of December 31, 2024 are as follows:

	Operating Leases
Weighted–average lease term (years)		4.0
Weighted–average discount rate		10.2	%

Schedule of Lease costs

The following table presents the components of the Company’s lease costs during the periods presented:

	Year Ended December 31,
	2024		2023
	(In thousands)
Operating lease cost	$	231	$	3
Short–term lease cost (1)		25		60
Variable lease cost (2)		14		—
Total lease cost	$	270	$	63

(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 and property taxes, associated with the Company’s office leases. The Company expenses variable lease costs as they are incurred.

Schedule of Future Commitments of Operating Lease Liabilities

As of December 31, 2024, the Company’s future lease commitments by year consisted of the following:

	(In thousands)
January 1, 2025 through December 31, 2025	$	396
January 1, 2026 through December 31, 2026		488
January 1, 2027 through December 31, 2027		306
January 1, 2028 through December 31, 2028		221
January 1, 2029 through December 31, 2029		226
Thereafter		57
Total lease payments		1,694
Less: imputed interest		(328	)
Total lease liability	$	1,366

Schedule of Supplemental Cash Flow Related to Leases

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

	Year Ended December 31,
	2024		2023
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases	$	220	$	—
Right–of–use assets obtained in exchange for operating liabilities	$	1,378	$	—