Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

10. Commitments and Contingencies

Operating Leases

The following table presents operating rent expense and related short-term lease costs (in thousands):


	THREE MONTHS ENDED MARCH 31,
	2025		2024
Rent expense	$	975	$	1,020
Variable lease expense		483		507
Amount of rent expense related to short-term leases		116		71

Future minimum annual obligations under the Company’s operating leases with terms in excess of one year are as follows (in thousands):


PERIOD ENDED MARCH 31,
2025 (remaining)		3,127
2026		3,643
2027		3,639
2028		3,749
2029		2,376
Total minimum lease payments		16,534
Less: amount representing interest		(2,675	)
Present value of operating lease liabilities		13,859
Less: operating lease liabilities, current		(3,594	)
Operating lease liabilities, net of current portion	$	10,265

As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on average discount rate, which were as follows:


	AS OF
	MARCH 31, 2025			DECEMBER 31, 2024
Weighted-average remaining lease term	4.1 years			4.4 years
Weighted-average discount rate		7.7	%		7.7	%

On July 22, 2022, the Company entered into a sublease (the “Sublease Agreement”) with Origis Operating Services, LLC, (the “Sublessee”), whereby the Company agreed to sublease to Sublessee all of the 13,405 rentable square feet of office space in San Diego, California currently leased by the Company under the Executive Drive Lease. The sublease commenced on August 1, 2022, and has a term through December 31, 2025. The aggregate base rent is approximately $2.6 million commencing August 1, 2022. The Company records sublease income as a reduction of general and administrative expense.

As of March 31, 2025, the expected undiscounted cash flows to be received from the sublease is $0.8 million through the end of the lease term December 31, 2025. The Company recognized sublease income of $0.2 million for each of the three month periods ended March 31, 2025 and 2024.