LEASES

9 Months Ended

Sep. 30, 2025

The Company has entered into various operating leases for certain offices, support locations and vehicles with terms extending through December 2038. Generally, these leases have initial lease terms of five years or less.

As of September 30, 2025, the Company had no leases classified as finance leases. The Company is currently not a lessor in any lease arrangement.

Operating lease expense was $589 thousand and $595 thousand for the three months ended September 30, 2025 and 2024, respectively and $1.8 million for each of the nine months ended September 30, 2025 and 2024. Variable and short-term lease cost was $229 thousand and $470 thousand for the three months ended September 30, 2025 and 2024, respectively and $966 thousand and $1.4 million for the nine months ended September 30, 2025 and 2024, respectively. Cash paid for amounts included in the measurement of lease liabilities was $604 thousand and $426 thousand for the three months ended September 30, 2025 and 2024, respectively and $1.8 million and $1.3 million for the nine months ended September 30, 2025 and 2024, respectively.

Future maturities of the Company's operating lease liabilities are summarized as follows (in thousands):


Fiscal year ended,	(in thousands)
2025	$	970
2026	1,949
2027	1,287
2028	919
2029	886
Thereafter	6,247
Total lease liabilities	12,258
Less: Imputed interest	(4,472)
Present value of lease liabilities	$	7,786

The following is supplemental lease information as of September 30, 2025 and December 31, 2024:


	2025		2024
Weighted-average remaining lease term (years)	9.8		9.6
Weighted-average discount rate	9.6	%	10.1	%