Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Summary of Company's Lease Information

For the three months ended March 31, 2025 and 2024, a summary of the Company’s lease information is shown below:


		Three Months Ended March 31,
(In thousands)		2025				2024
Lease cost:
Operating lease costs		$	194			$	194
Other information:
Cash paid for operating leases		$	201			$	194

Scheduled Future Maturities and Present Value of Operating Lease Liabilities

As of March 31, 2025, scheduled future maturities and present value of the operating lease liabilities are as follows:


(In thousands)
Year		March 31, 2025
Remainder of 2025			380
2026			519
2027			737
2028			859
2029			596
2030 and thereafter			663
Total maturities		$	3,754
Less: Lease not yet commenced(1)			1,491
Total maturities, excluding lease not yet commenced		$	2,263
Present value included in consolidated balance sheet:
Current portion of operating lease liabilities		$	343
Noncurrent operating lease liabilities			1,502
Total operating lease liabilities		$	1,845
Difference between the maturities, excluding lease not yet commenced, and related present value of operating lease liabilities		$	418

(1) On December 20, 2024, the Company entered into the New Seattle Lease Agreement, with the lease term preliminarily set to commence on May 1, 2025, at which point the Company will recognize a right-of-use asset and a corresponding lease liability on its consolidated balance sheet under ASC 842. The right-of-use asset and lease liability will be determined based on the pertinent information available as of the commencement date. As of March 31, 2025, the total undiscounted future lease payments for this lease are included into total maturities as presented in the table above, but its lease liability has not been recognized.