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Leases

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

8.Leases

The Company has one operating lease pertaining to 5,969 square feet of corporate office space in Sugar Land, Texas pursuant to a lease agreement that commenced April 1, 2022. As of June 30, 2025 the remaining term of lease was 2.08 years. The lease requires monthly lease payments that are subject to annual increases throughout the lease term.

The components of lease costs, which are included within general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive income (loss) were as follows (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Lease costs:
Operating lease cost	$	24	$	23	$	48	$	45
Variable lease cost		18		17		40		38
Total lease costs	$	42	$	40	$	88	$	83

Supplemental disclosure of cash flow information related to the lease were as follows (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Operating cash flows from operating leases	$	50	$	49	$	100	$	98

The weighted-average discount rate and remaining lease term were as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Weighted-average discount rate	9.50	%	9.50	%	9.50	%	9.50	%
Weighted-average remaining lease term	2.08		3.08		2.08		3.08

As of June 30, 2025, the maturities of the Company’s operating lease liabilities were as follows (in thousands):


Year Ended December 31,	Amount
2025 (remaining six months)	$	64
2026		129
2027		88
Total lease payments		281
Less: imputed interest		(27)
Present value of lease liabilities		254
Less: operating lease liabilities, current portion	$	109
Operating lease liabilities, net of current portion	$	145

7.Leases

The Company has one operating lease pertaining to 5,969 square feet of corporate office space in Sugar Land, Texas pursuant to a lease agreement that commenced April 1, 2022. As of December 31, 2024 the remaining term of lease was 2.58 years. The lease requires monthly lease payments that are subject to annual increases throughout the lease term.

The components of lease costs, which are included within general and administrative expenses in the Company’s statements of operations were as follows (in thousands):


	For the Year Ended
	December 31,
	2024		2023
Lease costs:
Operating lease cost	$	96	$	90
Variable lease cost		80		83
Total lease costs	$	176		173

Supplemental disclosure of cash flow information related to the lease were as follows (in thousands):

The weighted-average discount rate and remaining lease term were as follows:


	For the Year Ended
	December 31,
	2024		2023
Weighted-average discount rate	9.50	%	9.50	%
Weighted-average remaining lease term	2.58		3.67

As of December 31, 2024, the maturities of the Company’s operating lease liabilities were as follows (in thousands):


Year Ended December 31,	Amount
2025	$	126
2026		129
2027		88
Total lease payments		343
Less: imputed interest		(39)
Present value of lease liabilities		304
Less: operating lease liabilities, current portion	$	103
Operating lease liabilities, net of current portion	$	201

For the Year Ended

December 31,

Operating cash flows from operating leases