Leases

6 Months Ended

Jun. 30, 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 0.1 years to 4.3 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 June 30				Six Months Ended June 30,
	2025		2024		2025		2024
Operating lease expense	$	594	$	923	$	1,379	$	1,706
Variable lease expense	126		97		223		201
Total operating lease expenses	$	720	$	1,020	$	1,602	$	1,907
Sublease income(1)	$	137	$	95	$	242	$	191

(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 June 30, 2025		As of December 31, 2024
Weighted-average remaining lease term (in years)	4.1		4.3
Weighted-average discount rate	7.2	%	7.2	%

There were no right-of-use assets impairments recognized during the three and six months ended June 30, 2025. During the six months ended June 30, 2024, it was determined that office space under an existing lease would no longer be

used and the associated right-of-use asset was reduced to $0 and an impairment of $0.2 million was recognized in rent and occupancy expense in the unaudited condensed consolidated statements of operations.

Future undiscounted lease payments under operating leases as of June 30, 2025 were as follows (in thousands):

	Lease Payment Obligation		Sublease Income		Net Lease Obligation
Remaining 2025	$	1,796	$	(87)	$	1,709
2026	1,071		—		1,071
2027	1,103		—		1,103
2028	1,136		—		1,136
2029	774		—		774
Total undiscounted lease payments	$	5,880	$	(87)	$	5,793
Less: imputed interest	(617)
Present value of future lease payments	5,263
Less: operating lease liabilities, current	2,032
Operating lease liabilities, noncurrent	$	3,231