Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases

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:

	March 31, 2025		December 31, 2024
	(In thousands)
Office space	$	1,050	$	1,083
Vehicles		216		240
Total right–of–use asset	$	1,266	$	1,323
Office space	$	1,150	$	1,141
Vehicles		203		225
Total lease liability	$	1,353	$	1,366

Schedule of Weighted-average Remaining Lease Terms and Discount Rates

The Company’s weighted–average remaining lease terms and discount rates as of March 31, 2025 are as follows:

	Operating Leases
Weighted–average lease term (years)		3.8
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:

	Three Months Ended March 31,
	2025		2024
	(In thousands)
Operating lease cost	$	122	$	39
Short–term lease cost (1)		—		13
Variable lease cost (2)		22		—
Total lease cost	$	144	$	52

(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.

Schedule of Future Commitments of Operating Lease Liabilities

As of March 31, 2025, the Company’s future lease commitments by year consisted of the following:

	(In thousands)
April 1, 2025 through March 31, 2026	$	451
April 1, 2026 through March 31, 2027		377
April 1, 2027 through March 31, 2028		263
April 1, 2028 through March 31, 2029		231
April 1, 2029 through March 31, 2030		227
Thereafter		—
Total lease payments		1,549
Less: imputed interest		(196	)
Total lease liability	$	1,353

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:

	Three Months Ended March 31,
	2025		2024
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases	$	110	$	34
Right-of-use assets obtained in exchange for operating liabilities	$	32	$	270