Leases

3 Months Ended

Mar. 31, 2025

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 costs were $0.4 million for each of the three months ended March 31, 2025 and 2024.

The maturity of operating lease liabilities is presented in the following table (unaudited, in thousands):

	As of March 31, 2025
2025	$	1,116
2026	952
2027	375
2028	62
Total lease payments	2,505
Less imputed interest	187
Present value of lease liabilities	$	2,318

Additional information relating to the Company’s operating leases follows (unaudited):

	As of March 31, 2025
Weighted average remaining lease term (years)	1.80
Weighted average discount rate	7.6	%