OPERATING LEASE

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

OPERATING LEASE

OPERATING LEASE

As of December 31, 2024, the Company had an operating lease for its principal executive office in Bridgewater, New Jersey.

In November 2022, the Company transitioned to a smaller corporate headquarters and signed a Sublease Agreement (the “Sublease”) to sublease approximately 5,755 square feet of office space (the “Leased Premises”) in Bridgewater, New Jersey through September 30, 2023. Following the termination of the Sublease, the Company signed a Lease Agreement (the “Master Lease”) to lease the Leased Premises through September 30, 2025. The Company recorded a right of use asset of $0.2 million and liability of $0.3 million at the commencement date of the Master Lease on October 1, 2023.

The components of lease expense are as follows:

	Year ended December 31,
(in thousands)	2024		Year Ended	2023
Operating lease expense	$	126		$	32
Short-term lease expense	—			86
Variable lease expense	10			(16)
Total lease expense	$	136		$	102

Variable lease expense primarily consists of utility and other common area maintenance ("CAM") charges. For the year ended December 31, 2023 the variable lease expenses included a reversal of immaterial expense related to CAM charges. Lease expense is included within general and administrative expenses on the consolidated statements of operations and comprehensive loss.

Supplemental operating cash flows information is as follows:

	Year ended December 31,
(in thousands)	2024		Year Ended	2023
Operating leases	$	126		$	25

Supplemental consolidated balance sheet information related to leases is as follows:

(in thousands)	December 31, 2024			December 31, 2023
Operating lease right-of-use assets	$	93		$	207
Operating lease liabilities	$	99		$	214
Weighted average remaining lease term	0.75			1.75
Weighted average discount rate	8.00		%	8.00		%

Maturities of lease liabilities as of December 31, 2024 are as follows:

(in thousands)	Year ended December 31, 2024
2025	$	101
Total lease payments	101
Less imputed interest	(2)
Total lease liability	99
Total current operating lease liabilities	$	99