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Leases (Tables)
9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Lease Cost

The following table summarizes the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three and nine months ended September 30, 2025 and 2024 (in thousands):

 

 

Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

2025

 

2024

 

 

2025

 

 

2024

 

Operating lease cost

$

665

 

$

673

 

 

$

2,000

 

 

$

1,994

 

Variable lease cost

 

407

 

 

212

 

 

 

1,148

 

 

 

608

 

Total lease cost

$

1,072

 

$

885

 

 

$

3,148

 

 

$

2,602

 

 

Schedule of Supplemental Information Related to Remaining Lease Term and Discount Rate

Supplemental information related to the remaining lease term and discount rate are as follows:

 

 

September 30, 2025

 

December 31, 2024

 

Weighted average remaining lease term (in years) – Finance leases

 

 

1.39

 

 

1.88

 

Weighted average remaining lease term (in years) – Operating leases

 

 

9.44

 

 

9.98

 

 

 

 

 

 

 

Weighted average discount rate – Finance leases

 

 

10.56

%

 

10.54

%

Weighted average discount rate – Operating leases

 

 

7.87

%

 

7.84

%

Schedule of Future Minimum Commitments Under Company's Operating and Finance Leases

As of September 30, 2025, future minimum commitments under ASC 842 under the Company’s operating and finance leases were as follows (in thousands):

Year Ending December 31,

Operating

 

Finance

 

2025

 

738

 

 

114

 

2026

 

2,485

 

 

399

 

2027

 

2,577

 

 

 

2028

 

2,673

 

 

 

2029

 

2,779

 

 

 

Thereafter

 

14,284

 

 

 

Total lease payments

 

25,536

 

 

513

 

Less: imputed interest

 

(7,785

)

 

(33

)

Total lease liabilities

$

17,751

 

$

480

 

Lease liabilities, current

 

1,245

 

 

423

 

Lease liabilities, non-current

 

16,506

 

 

57

 

Total lease liabilities

$

17,751

 

$

480