Leases (Tables)

3 Months Ended

Mar. 31, 2025

The components of lease cost recorded in the Company’s condensed consolidated financial statements were as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Lease Cost:
Operating lease cost	$	1,309	$	1,859
Variable lease cost		586		672
Total lease cost	$	1,895	$	2,531

Summary of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases

The weighted-average remaining lease term and discount rate related to the Company’s operating leases were as follows:


	As of March 31, 2025
Weighted-average remaining lease term (in years)		7.3
Weighted-average discount rate		6.16	%

Summary of Maturity of Operating Lease Liabilities

Maturity of the Company’s operating lease liabilities in accordance with ASC 842 as of March 31, 2025 were as follows (in thousands):


Period ended December 31,
From April 1, 2025 to December 31, 2025	$	4,571
2026		6,494
2027		5,131
2028		4,507
2029		4,642
Thereafter		16,010
Total maturities		41,355
Less: Imputed interest		(7,999	)
Present value of operating lease liability		33,356
Less: current portion of operating lease liability		(4,243	)
Total operating lease liability, net of current portion	$	29,113

The Company evaluated the above leases for impairment indicators at March 31, 2025 and determined that there was no further impairment of the right-of-use assets. Additional details are included within Note 6 above.