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LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
COMPANY AS LESSEE
The Company is party to a non-cancellable operating lease agreement for office space, which expires in 2033. The Company’s operating lease for this office space includes fixed rent payments and variable lease payments, which are primarily related to common area maintenance and utility charges. The Company elected not to separate lease and non-lease components, and as such, all amounts paid under the lease are classified as either fixed or variable lease payments. The Company has determined that no renewal clauses are reasonably certain of being exercised and therefore has not included any renewal periods within the lease term for this lease.
As of December 31, 2024, and 2023, the Company held operating lease right-of-use (ROU) assets of $3.1 million and $3.3 million, respectively; current lease liabilities of $0.4 million and $0.4 million, respectively; and non-current lease liabilities of $3.9 million and $4.3 million, respectively. In measuring operating lease liabilities, the Company used a weighted average discount rate of 4.4% as of December 31, 2024. This rate was determined based on the Company's incremental borrowing rate, reflecting the interest rate the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment. The weighted average remaining lease term as of December 31, 2024, was 8.17 years.
Components of Lease Cost
For the years ended December 31, 2024, and 2023, the Company’s total operating lease cost was comprised of the following:
Year Ended December 31,
(in thousands)20242023
Operating lease cost$477 $481 
Variable lease cost50 52 
Total lease cost$527 $533 
Maturity of Lease Liabilities
As of December 31, 2024, maturities of the Company's operating lease liabilities, which do not include short-term leases and variable lease payments, are as follows:
(in thousands)
2025$571 
2026585 
2027600 
2028615 
2029630 
Thereafter2,101 
Total Lease Payments5,102 
Less: imputed interest(819)
Present value of total lease liabilities$4,283 
COMPANY AS LESSOR
The Company sublets a portion of its office space to a related party and accounts for the arrangement as an operating lease. Related-party sublease rental income is recognized on a straight-line basis and is included in Interest and other income in the accompanying consolidated statements of operations. For the year ended December 31, 2024, operating lease income from the Company’s sublet was immaterial. As of December 31, 2024, total remaining future minimum lease payments receivable on the Company’s operating lease was $0.2 million.