v3.25.2
LEASES
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES LEASES
The Company has operating leases for corporate office space and certain equipment. The leases have original terms from one year to ten years, some of which include options to renew the lease, and are included in the lease term when it is reasonably certain that the Company will exercise the option. No leases include options to purchase the leased property. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We do not have any lease agreements with related parties.
The components of lease cost were as follows (in thousands):

For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
Operating lease cost(1)
$418 $442 $843 $836 
Sublease income$— $(30)$— $(30)
     Total lease cost$418 $412 $843 $806 
(1) Includes short-term lease costs and variable lease costs, which are immaterial.

Supplemental cash flow information related to leases was as follows (in thousands):

For the Six Months Ended June 30,
20252024
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases$1,109 $739 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$119 $2,930 

Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount):

June 30, 2025December 31, 2024
Operating lease right-of-use-assets (as reported)$6,029 $6,518 
Operating lease liabilities - current (as reported)1,703 1,625 
Operating lease liabilities - non-current (as reported)8,199 8,995 
Total operating lease liabilities$9,902 $10,620 
Weighted Average Remaining Lease Term (in years)
Operating leases7.1 years7.4 years
Weighted Average Discount Rate
Operating leases5.6 %5.5 %

The Company reviews its right-of-use ("ROU") assets for impairment if indicators of impairment exist. If impairment indicators exist, we compare the fair value of the ROU asset to its carrying value. If the carrying value exceeds the fair value, an impairment loss is recorded. No impairment was recorded during the three and six month periods ended June 30, 2025 and 2024.
As of June 30, 2025, future operating lease payments were as follows (in thousands):

Operating Leases
July 1, 2025 through December 31, 2025$1,105 
20262,239 
20271,359 
20281,304 
20291,333 
2030 and thereafter4,858 
Total lease payments$12,198 
Less: imputed interest(2,296)
Total$9,902 
As of June 30, 2025 the Company has no operating or finance leases that have not yet commenced.