The Company has operating leases for office spaces in various locations, including its headquarters in Foster City, the lease for which was entered into in January 2024 and has a lease term of approximately five years. In March 2025, the Company entered into an operating lease agreement for office space at an international location and expects the lease to commence in the second quarter of 2025. The Company will be paying approximately $1.8 million in base rent over the lease term of approximately five years.

The following tables contain a summary of other information and the undiscounted future minimum payments pertaining to the Company’s operating leases that had commenced as of the end of the periods presented:


	March 31, 2025
Weighted-average incremental borrowing rate	7.5	%
Weighted-average remaining lease term (in years)	4.4 years


	Undiscounted Rent Payments
	as of March 31, 2025
	(in thousands)
2025 (remaining nine months)	$	1,664
2026	2,259
2027	2,324
2028	2,331
2029	1,551
Total undiscounted lease payments	10,129
Less: imputed interest	(1,482)
Total lease liability	$	8,647

Rent expense was $0.6 million and $0.3 million for the three months ended March 31, 2025 and 2024, respectively. Variable lease payments for operating expenses for the three months ended March 31, 2025 and 2024 were insignificant.