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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net consisted of the following:
Year ended December 31,
20242023
(in thousands)
Capitalized software$8,038 $6,482 
Leasehold improvements3,035 3,035 
Office furniture and fixtures35 35 
Equipment113 113 
Property and equipment, gross11,221 9,665 
Less: accumulated depreciation and amortization(5,914)(4,583)
Property and equipment, net$5,307 $5,082 
Depreciation expense recorded by the Company was approximately $0.2 million, $0.4 million, and $0.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization expense recorded by the Company was approximately $1.2 million, $1.0 million, and $0.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.