v3.25.1
Leases (Tables)
3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Lease Cost

The following table summarizes the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three months ended March 31, 2025 and 2024 (in thousands):

 

 

 

For the Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Operating lease cost

 

$

669

 

 

$

646

 

Variable lease cost

 

 

339

 

 

 

198

 

Total lease cost

 

$

1,008

 

 

$

844

 

 

Schedule of Supplemental Information Related to Remaining Lease Term and Discount Rate

Supplemental information related to the remaining lease term and discount rate are as follows:

 

 

 

March 31, 2025

 

December 31, 2024

 

Weighted average remaining lease term (in years) – Finance leases

 

 

1.64

 

 

1.88

 

Weighted average remaining lease term (in years) – Operating leases

 

 

9.79

 

 

9.98

 

 

 

 

 

 

 

Weighted average discount rate – Finance leases

 

 

10.54

%

 

10.54

%

Weighted average discount rate – Operating leases

 

 

7.85

%

 

7.84

%

Schedule of Future Minimum Commitments Under Company's Operating and Finance Leases

As of March 31, 2025, future minimum commitments under ASC 842 under the Company’s operating and finance leases were as follows (in thousands):

Year Ending December 31,

Operating

 

Finance

 

2025

 

2,200

 

 

341

 

2026

 

2,485

 

 

399

 

2027

 

2,577

 

 

 

2028

 

2,673

 

 

 

2029

 

2,779

 

 

 

Thereafter

 

14,284

 

 

 

Total lease payments

 

26,998

 

 

740

 

Less: imputed interest

 

(8,499

)

 

(63

)

Total lease liabilities

$

18,499

 

$

677

 

Lease liabilities, current

 

1,406

 

 

402

 

Lease liabilities, non-current

 

17,093

 

 

275

 

Total lease liabilities

$

18,499

 

$

677