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Commitments and Contingencies (Tables)
6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Summary of operating rent expenses

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

 

Summary of future minimum annual obligations under the company's operating leases

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

 

Summary of incremental borrowing rate

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

 

 

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

%