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Leases

3 Months Ended

Mar. 31, 2025

4. Leases

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

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

	Three Months Ended March 31,
	2025			2024
Operating lease costs during the period ⁽¹⁾	$	141		$	9
Cash payments included in the measurement of operating lease liabilities during the period ⁽²⁾	$	-		$	121
Operating lease liability arising from obtaining lease right-of-use assets during the period	$	-		$	-
Weighted-average remaining lease term (in years) as of period-end		5.67			0.50
Weighted-average discount rate during the period		10.9	%		9.9	%

⁽¹⁾	Operating lease costs is presented net of sublease income that is not material for the three months ended March 31, 2024.
⁽²⁾	There were no cash payments included in the measure of operating lease liabilities during the period for the three months ended March 31, 2025 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 with an initial lease term of 6.67 years.

The Company utilizes its incremental borrowing rates on a collateralized basis, reflecting the Company’s credit quality and the term of the lease 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:

Schedule of Operating Lease Costs


	Three Months Ended March 31,
	2025		2024
Operating lease costs included in:
General and administrative	$	141	$	134
Total operating lease costs		141		134
Sublease income		-		(125	)
Total operating lease costs	$	141	$	9

Maturities of the operating lease liabilities as of March 31, 2025 are summarized as follows:

Years Ending December 31,
2025 (remaining months in the year)	$	-
2026		652
2027		652
2028		652
2029		652
Thereafter		597
Minimum lease payments		3,205
Less imputed interest		(926	)
Present value of operating lease liabilities	$	2,279
Current portion of operating lease liabilities	$	97
Long term portion of operating lease liabilities		2,182
Total operating lease liabilities	$	2,279