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Leases (Tables)
9 Months Ended
Sep. 30, 2026
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, 2026 and 2025 (in thousands):

 

 

Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

2026

 

2025

 

 

2026

 

 

2025

 

Operating lease cost

$

432

 

$

665

 

 

$

1,871

 

 

$

2,000

 

Variable lease cost

 

63

 

 

407

 

 

 

595

 

 

 

1,148

 

Total lease cost

$

495

 

$

1,072

 

 

$

2,466

 

 

$

3,148

 

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

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

 

 

 

September 30, 2026

 

December 31, 2025

 

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

 

 

0.19

 

 

0.89

 

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

 

 

4.86

 

 

8.75

 

 

 

 

 

 

 

Weighted average discount rate – Finance leases

 

 

10.92

%

 

10.57

%

Weighted average discount rate – Operating leases

 

 

10.69

%

 

8.61

%

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

As of September 30, 2026, 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

 

2026

$

493

 

$

58

 

2027

 

1,850

 

 

—

 

2028

 

1,904

 

 

—

 

2029

 

1,913

 

 

—

 

2030

 

1,923

 

 

—

 

Thereafter

 

1,352

 

 

—

 

Total lease payments

 

9,435

 

 

58

 

Less: imputed interest

 

(2,231

)

 

(1

)

Total lease liabilities

$

7,204

 

$

57

 

Lease liabilities, current

 

1,100

 

 

57

 

Lease liabilities, non-current

 

6,104

 

 

—

 

Total lease liabilities

$

7,204

 

$

57