Operating Leases (Tables)

6 Months Ended

Jun. 30, 2025

Operating Leases

Schedule of operating lease expense recognized in financial statements

The table below summarizes the amounts recognized in the condensed consolidated financial statements related to operating leases for the periods presented (in thousands):


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2025			2024			2025			2024
Rent expense for long-term operating leases		$	314		$	314		$	629		$	628
Rent expense for short-term leases			48			44			89			91
Total rent expense		$	362		$	358		$	718		$	719

Schedule of net present value of operating lease liability

The following table presents the maturity profile of the Company’s operating lease liabilities based on the contractual undiscounted payments with a reconciliation of these amounts to the remaining net present value of the operating lease liability reported in the condensed consolidated balance sheet as of June 30, 2025 (in thousands):


Year		Amount
2025		$	651
2026			1,329
2027			1,325
2028			957
2029			695
2030 and thereafter			174
Total lease payments			5,131
Less: Interest			(908)
Net present value of lease liabilities		$	4,223

Current portion		$	928
Long-term portion			3,295
Total		$	4,223

Schedule of weighted average remaining lease terms and discount rates

The weighted average remaining lease terms and discount rates for all of the Company’s operating leases as of June 30, 2025 were as follows:


Weighted-average lease term remaining		45 months
Weighted-average discount rate		9.39	%