v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
Operating Leases
Company as a lessee
The Company enters into operating leases in the normal course of business, primarily for office space. As of March 31, 2025, the Company has four operating leases with remaining lease terms of less than one year to four years.
In conjunction with one of the operating leases, the Company secured a letter of credit for $1,392, which is recorded as “Restricted cash” on the consolidated balance sheets. As of March 31, 2025, and December 31, 2024, the balance of this letter of credit was $605 and $605, respectively.
Components of lease cost included in “Selling, general and administrative expenses” on the condensed consolidated statements of operations and comprehensive income (loss) are as follows:
Three Months Ended
March 31,
20252024
Operating lease cost$715 $413 
Short-term lease cost146 305 
Sublease income(169)(256)
Total lease cost$692 $462 
Supplemental cash flow information related to the lease is as follows:
Three Months Ended
March 31,
20252024
Cash paid for amounts included in the measurement of lease liabilities$775 $428 
Right-of-use assets obtained in exchange for lease liabilities:
New lease entered into during the period $622 $— 
Supplemental balance sheet information related to the lease is as follows:
March 31,
2025		December 31,
2024
Assets:
Right-of-use assets$3,039$3,053
Liabilities:
Accrued expenses and other current liabilities2,5142,370
Lease liability, long-term portion744963
Total operating lease liabilities$3,258$3,333
Weighted average remaining operating lease term (years)1.51.6
Weighted average operating lease discount rate8.91%9.14%
The Company’s lease does not provide a readily determinable implicit discount rate. The Company estimates its incremental borrowing rate as the discount rate based on the information available at lease commencement. Future maturities of lease liabilities are as follows:
Remainder of 2025$2,018 
20261,147 
2027242 
202821 
Thereafter— 
Total lease payments$3,428 
Less: imputed interest(170)
Total lease liabilities$3,258 
There were no leases with residual value guarantees or executed leases that had not yet commenced as of March 31, 2025.
Company as a lessor
The Company is a sublessor on one operating lease that expires in April 2026.
Future non-cancelable rent payments from the Company's sublease tenant are as follows:
Remainder of 2025$548 
2026249 
Thereafter— 
$797 
Leases Leases
Operating Leases
Company as a lessee
The Company enters into operating leases in the normal course of business, primarily for office space. As of March 31, 2025, the Company has four operating leases with remaining lease terms of less than one year to four years.
In conjunction with one of the operating leases, the Company secured a letter of credit for $1,392, which is recorded as “Restricted cash” on the consolidated balance sheets. As of March 31, 2025, and December 31, 2024, the balance of this letter of credit was $605 and $605, respectively.
Components of lease cost included in “Selling, general and administrative expenses” on the condensed consolidated statements of operations and comprehensive income (loss) are as follows:
Three Months Ended
March 31,
20252024
Operating lease cost$715 $413 
Short-term lease cost146 305 
Sublease income(169)(256)
Total lease cost$692 $462 
Supplemental cash flow information related to the lease is as follows:
Three Months Ended
March 31,
20252024
Cash paid for amounts included in the measurement of lease liabilities$775 $428 
Right-of-use assets obtained in exchange for lease liabilities:
New lease entered into during the period $622 $— 
Supplemental balance sheet information related to the lease is as follows:
March 31,
2025		December 31,
2024
Assets:
Right-of-use assets$3,039$3,053
Liabilities:
Accrued expenses and other current liabilities2,5142,370
Lease liability, long-term portion744963
Total operating lease liabilities$3,258$3,333
Weighted average remaining operating lease term (years)1.51.6
Weighted average operating lease discount rate8.91%9.14%
The Company’s lease does not provide a readily determinable implicit discount rate. The Company estimates its incremental borrowing rate as the discount rate based on the information available at lease commencement. Future maturities of lease liabilities are as follows:
Remainder of 2025$2,018 
20261,147 
2027242 
202821 
Thereafter— 
Total lease payments$3,428 
Less: imputed interest(170)
Total lease liabilities$3,258 
There were no leases with residual value guarantees or executed leases that had not yet commenced as of March 31, 2025.
Company as a lessor
The Company is a sublessor on one operating lease that expires in April 2026.
Future non-cancelable rent payments from the Company's sublease tenant are as follows:
Remainder of 2025$548 
2026249 
Thereafter— 
$797