Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

Leases

The Company leases real estate for office space under operating leases.

The Company has an option to extend the lease term for a period of 0.3 years to 4.5 years. Renewal options are not considered in the remaining lease term because it is not reasonably certain that the Company will exercise such option.

Operating lease expense, included in rent and occupancy in the unaudited condensed consolidated statements of operations, was as follows (in thousands):

	Three Months Ended March 31,
	2025		2024
Operating lease expense	$	784	$	783
Variable lease expense	97		104
Total operating lease expenses	$	881	$	887
Sublease income(1)	$	105	$	95

(1) Sublease income is included in other income in the unaudited condensed consolidated statements of operations.

The table below presents additional information related to the Company’s operating leases (in thousands):

	As of March 31, 2025		As of December 31, 2024
Weighted-average remaining lease term (in years)	4.2		4.3
Weighted-average discount rate	7.2	%	7.2	%

There were no right-of-use assets impairments recognized during the three months ended March 31, 2025. During the three months ended March 31, 2024, the Company recorded impairment of $0.2 million after determining that the office

space under existing leases would no longer be used, which was recognized in rent and occupancy expense in the unaudited condensed consolidated statements of operations.

Future undiscounted lease payments under operating leases as of March 31, 2025 were as follows (in thousands):

	Lease Payment Obligation		Sublease Income		Net Lease Obligation
Remaining 2025	$	2,837	$	(206)	$	2,631
2026	1,087		—		1,087
2027	1,120		—		1,120
2028	1,153		—		1,153
2029	790		—		790
Total undiscounted lease payments	$	6,987	$	(206)	$	6,781
Less: imputed interest	(734)
Present value of future lease payments	6,253
Less: operating lease liabilities, current	2,759
Operating lease liabilities, noncurrent	$	3,494