In January 2022, the Company entered into a new 8-year office lease agreement for a 20,116 square feet facility in Brisbane, California (“Brisbane Lease”). The lease commenced in December 2022.

As of March 31, 2025 and December 31, 2024, the balance of the operating lease right of use assets were $8,376 and $8,643, respectively, and the related operating lease liability were $8,915 and $9,011, respectively, as shown in the accompanying consolidated balance sheets.

Rent expense was $486 and $685 for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, future minimum lease payments under the Company's operating lease liabilities were as follows:



Year Ending	Total Commitment
2025 (excluding three months ended March 31, 2025)	$	1,396
2026		1,926
2027		1,994
2028 and beyond		6,410
Total minimum lease payments		11,726
Less: imputed interest		(2,811	)
Present value of operating lease obligations		8,915
Less: current portion		(1,061	)
Noncurrent operating lease obligations	$	7,854

Related to this Brisbane Lease agreement, the Company entered into a letter of credit with a bank to deposit $388 in a separate account that is classified as restricted cash to serve as security rent deposit. This amount is included in other noncurrent assets in the accompanying consolidated balance sheets as of March 31, 2025.