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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company leases office space and equipment. The Company determines if a contract is a lease at the inception of the arrangement and reviews all options to extend, terminate, or purchase its right-of-use assets at the inception of the lease and accounts for these options when they are reasonably certain of being exercised.
Leases with an initial term of greater than twelve months are recorded on the consolidated balance sheet. Lease expense is recognized on a straight-line basis over the lease term.
The Company’s lease contracts generally do not provide a readily determinable implicit rate. For these contracts, the estimated incremental borrowing rate is based on information available at the inception of the lease.
Operating lease cost was $1.6 million and $1.7 million for the years ended December 31, 2024 and 2023, respectively.
Operating lease assets and liabilities are summarized as follows (in thousands):
Year Ended December 31,
20242023
Right-of-use assets$2,367 $2,759 
Current lease liabilities$1,279 $1,483 
Long-term lease liabilities1,287 1,780 
Total lease liabilities$2,566 $3,263 
The Company recognized noncash increases for the right-of-use assets obtained in exchange for the new operating lease liabilities in the amount of $1.0 million and $0.3 million for the years ended December 31, 2024 and 2023, respectively.
The maturity of operating lease liabilities is presented in the following table (in thousands):
As of December 31, 2024
20251,425 
2026935 
2027375 
202862 
Total lease payments2,797 
Less imputed interest231 
Present value of lease liabilities2,566 
Additional information relating to the Company’s operating leases follows:
As of December 31, 2024As of December 31, 2023
Weighted average remaining lease term (years)1.982.31
Weighted average discount rate7.50%6.47%