Leases

9 Months Ended

Sep. 30, 2025

The Company has a real estate lease for the use of office space.

The table below presents supplemental information related to the operating lease:


	Nine Months Ended September 30,
	2025			2024
Operating lease costs during the year (1)	$	422		$	308
Cash payments included in the measurement of operating lease liabilities during the period (2)	$	—		$	916
Operating lease liability arising from obtaining lease right-of-use assets during the period	$	—		$	2,583
Weighted-average remaining lease term (in years) as of period-end	5.17			6.17
Weighted-average discount rate during the period	10.90		%	10.85		%

(1)Operating lease costs are presented net of sublease income that is not material.

(2)There were no cash payments included in the measure of operating lease liabilities during the period since the Company has a deferral period through January 2026 before any cash payments are required under a lease with an effective date of April 1, 2024 and an initial lease term of 6.67 years.

The Company generally utilizes its incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments since the implicit rate for the Company’s leases is not readily determinable.

Variable lease expense includes rental increases that are not fixed, such as those based on amounts paid to the lessor based on cost or consumption, such as maintenance and utilities.

The components of operating lease costs were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease costs:
General and administrative	$	140	$	150	$	422	$	682
Total operating costs	140		150		422		682
Sublease income	—		(125)		—		(374)
Total operating lease costs, net	$	140	$	25	$	422	$	308

Maturities of the operating lease liabilities as of September 30, 2025 are summarized as follows:


Years Ending December 31,
2025 (remaining three months of the year)	$	—
2026	652
2027	652
2028	652
2029	652
Thereafter	596
Minimum lease payments	3,204
Less imputed interest	(798)
Present value of operating lease liabilities	2,406
Current portion of operating lease liabilities	380
Long-term portion of operating lease liabilities	2,026
Total operating lease liabilities	$	2,406