Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Leases

Operating Leases

The Company leases office space in New Jersey, Georgia, and Hong Kong under non-cancelable operating leases. At December 31, 2024, the remaining terms of the operating leases were between one month and 39 months, and certain lease agreements contain provisions for future rent increases. For each lease, the Company recorded a right-of-use ("ROU") asset and lease liability at the earlier of the ASC 842 effective date or lease commencement date. The Company utilizes the straight-line method of recognizing lease expense. However, the Company is required to pay certain variable executory costs including common area maintenance, real estate taxes, and insurance that are expensed as incurred. These variable costs are excluded from the measurement of leases. Certain of the Company's leases include options to renew, with renewal terms that can extend the lease term. The exercise of lease renewal options is at the Company's sole discretion. The ability to terminate a lease is determined by the applicable lease terms and conditions. The Company is not reasonably certain that it will exercise the renewal or termination options. Therefore, these options are not recognized as part of the ROU asset and lease liability. The Company recognizes ROU assets within Other assets, non-current and lease liabilities within Other liabilities, current, and Other liabilities, non-current in the Consolidated Balance Sheets.

The Company subleases certain of its leases to third parties for which it receives rental income to manage occupancy costs. These subleases are classified as operating leases.

Summary of Lease Costs Recognized Under ASC 842:

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company's operating leases for the years ended December 31, 2024, 2023, and 2022, respectively:

	Year ended December 31,
	2024			2023			2022
	(in thousands)
Operating lease cost	$	1,295		$	1,346		$	2,651
Variable lease cost	51			51			56
Sublease income	(775)			(256)			(1,124)
Total lease cost	$	571		$	1,141		$	1,583
Other information
Cash paid for amounts included in the measurement of lease liabilities	$	1,567		$	1,907		$	3,340
Weighted-average remaining lease term	3.3 years			4.5 years			5.2 years
Weighted-average discount rate	10.64		%	10.31		%	10.65		%

The following table summarizes the Company's future lease payments for non-cancelable operating lease liabilities at December 31, 2024:

	(in thousands)
2025	$	1,260
2026	1,155
2027	1,190
2028	303
Total lease payments	3,908
Less: imputed interest	(581)
Total	$	3,327