Note 13 - Leases

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

13. 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 September 30, 2025 and 2024. Operating lease costs were $1.2 million for each of the nine months ended September 30, 2025 and 2024.

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

	As of September 30, 2025
2025	$	431
2026		977
2027		377
2028		62
Total lease payments		1,847
Less imputed interest		209
Present value of lease liabilities	$	1,638

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

	As of September 30, 2025
Weighted average remaining lease term (years)		1.5
Weighted average discount rate		8.2	%