v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
A major part of the Company’s lease obligations is for office real estate. The Company may also lease corporate apartments, cars and office equipment. Payments on some of our leases may depend on index or rate, including Consumer Price Index. Such payments are included in the calculation of lease liability and assets at the commencement dates, all future changes are accounted as variable payments similar to other variable payments, such as common area maintenance, property and other taxes, utilities and insurance that are based on the lessor’s cost.
The Company’s leases have remaining lease terms ranging from 0.2 to 6.0 years as of June 30, 2025. Certain lease agreements may include the option to extend or terminate before the end of the contractual term and are often non-cancelable or cancellable only by the payment of penalties. The Company includes these options in the lease term when it is reasonably certain that they will be exercised.
As of June 30, 2025 and December 31, 2024, the Company had no finance leases.
Operating lease expense is recorded on a straight-line basis over the lease term. During the three and six months ended June 30, 2025 and 2024, lease costs were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(in thousands)
Operating lease cost$1,458 $1,307 $2,938 $2,500 
Variable lease cost129 155 250 231 
Short-term lease cost209 122 429 176 
Total lease cost$1,796 $1,584 $3,617 $2,907 
Supplemental information related to operating lease transactions is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(in thousands)
Lease liability payments$1,471 $1,175 $2,836 $2,343 
Lease assets obtained in exchange for liabilities$3,118 $1,686 $3,118 $2,539 
Non-cash net change in lease assets due to lease modifications$1,861 $(92)$1,861 $(52)
Non-cash net change in lease liability due to lease modifications$(1,743)$92 $(1,743)$52 
Weighted average remaining lease term and discount rate as of June 30, 2025 and December 31, 2024 were as follows:
As of
June 30,
2025		December 31,
2024
Weighted average remaining lease term, in years3.63.0
Weighted average discount rate6.6 %8.1 %
As of June 30, 2025, operating lease liabilities will mature as follows:
Lease Payments
(in thousands)
2025 (excluding six months ended June 30, 2025)
$3,048 
2026
5,334 
2027
4,260 
2028
1,992 
2029
1,457 
Thereafter1,050 
Total lease payments17,141 
Less: imputed interest(1,857)
Total$15,284 
There were no lease agreements signed with related parties as of June 30, 2025 and December 31, 2024.
As of June 30, 2025, the Company had committed to payments of $2.3 million related to an operating lease agreement that had not yet commenced. This operating lease commences in the fourth quarter of 2025 with the lease term of five years. The Company does not have finance lease agreements that had not yet commenced.