7) LEASES

The Company currently has operating leases for offices in the borough of Manhattan in New York, New York, and Cambridge, Massachusetts, which expire in 2026 and 2028, respectively.

For the three months ended March 31, 2025 and 2024, the net operating lease expenses were as follows (in thousands):

NET OPERATING LEASE EXPENSE

Amounts for the three months ended March 31, 2024 in the table above include expense related to a sublease that was terminated effective August 31, 2024.

The tables below show the beginning balances of the operating ROU assets and lease liabilities as of January 1, 2025 and the ending balances as of March 31, 2025, including the changes during the period (in thousands).

OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES

As of March 31, 2025, the Company’s operating leases had a weighted-average remaining life of 2.8 years with a weighted-average discount rate of 10.23%. The maturities of the operating lease liabilities are as follows (in thousands):

MATURITIES OF OPERATING LEASE LIABILITIES