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


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2025		2024		2025		2024
Rent expense	$	1,029	$	1,020	$	2,038	$	2,040
Variable lease expense		552		507		1,035		1,013
Amount of rent expense related to short-term leases		116		73		232		147

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


PERIOD ENDED JUNE 30,
2025 (remaining)		2,092
2026		3,643
2027		3,639
2028		3,749
2029		2,376
Total minimum lease payments		15,499
Less: amount representing interest		(2,381	)
Present value of operating lease liabilities		13,118
Less: operating lease liabilities, current		(3,536	)
Operating lease liabilities, net of current portion	$	9,582


	AS OF
	JUNE 30, 2025			DECEMBER 31, 2024
Weighted-average remaining lease term	4.0 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 June 30, 2025, the expected undiscounted cash flows to be received from the sublease is $0.4 million through the end of the lease term December 31, 2025. The Company recognized $0.2 million and $0.4 million of sublease income for the three and six months ended June 30, 2025, respectively and $0.2 million and $0.4 million of sublease income for the three and six months ended June 30, 2024, respectively.