v3.25.2
Leases
6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases

8. LEASES

The Company leases its office space for its corporate headquarters which has a remaining lease term of 18 months. In September 2024, the Company entered into an agreement to sublease 8,468 square feet of the 20,185 square feet of leased office space. The sublease term is from October 8, 2024 to December 31, 2026.

The Company’s recognized lease costs include:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Statements of Operations and Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease cost(1)

 

$

159

 

 

$

183

 

 

$

322

 

 

$

366

 

Sublease income(1)

 

$

52

 

 

 

 

 

 

103

 

 

 

 

(1)
Operating lease cost and sublease income are recorded within general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.

The following table presents information about our weighted average discount rate and remaining lease term as of:

 

June 30, 2025

 

 

December 31, 2024

 

Weighted-average remaining lease term (months)

 

18.0

 

 

 

24.0

 

Weighted-average discount rate

 

7.6

%

 

 

7.6

%

The Company’s variable lease costs and short-term lease costs were not material.

The Company is obligated under a non-cancelable lease agreement providing for office space that expires on December 31, 2026. Maturities of lease payments under the non-cancelable lease were as follows:

(in thousands)

 

June 30, 2025

 

Remainder of 2025

 

$

364

 

2026

 

 

756

 

Total lease payments

 

 

1,120

 

Less imputed interest

 

 

(34

)

Present value of lease liabilities

 

$

1,086