LEASES (Tables)

6 Months Ended

Jun. 30, 2025

The following table summarizes the Company’s operating leases (in thousands):


	June 30, 2025			December 31, 2024
Operating Leases:
Right of use assets	$	553		$	606
Lease liabilities	$	(600	)	$	(653	)

Weighted average remaining lease term:	4.2 years			4.7 years
Weighted average discount rate (1):		8.70	%		8.70	%

(1)

The market discount rate is used, when readily determinable, in calculating the present value of lease payments for the operating lease liability. Otherwise, the incremental borrowing rate on the commencement date is used.

Summary of Operating Lease Costs and Cash Payments

The following table summarizes the Company’s operating lease costs and cash payments for the periods presented (in thousands):


	Three Months Ended June 30, 2025		Three Months Ended June 30, 2024		Six Months Ended June 30, 2025		Six Months Ended June 30, 2024
Lease Cost:
Operating lease cost	$	40	$	40	$	80	$	80

Other Information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	40	$	39	$	79	$	77

Summary of Operating Leases Cash Flow Obligations on Undiscounted, Annual Basis

The following table summarizes the Company’s operating leases cash flow obligations on an undiscounted, annual basis (in thousands):


	Operating Leases
2025	$	81
2026		166
2027		170
2028		174
2029		131
Thereafter		—
Subtotal		722
Less: impact of discount		(122	)
Total	$	600