v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
On January 8, 2019, the Company entered into a ten-year non-cancelable operating lease agreement, expiring on August 31, 2030, for office space located at 11 Dupont Circle NW, Washington, DC 20036. The lease includes one option to renew, but the renewal is not deemed to be reasonably assured as of June 30, 2025. Our lease agreement does not contain any material residual value guarantees or material restrictive covenants.
Operating lease expense was $200,000 for the three months ended June 30, 2025 and 2024 and $401,000 for the six months ended June 30, 2025 and 2024, respectively.
As of June 30, 2025, our lease had a remaining lease term of 5.2 years and a discount rate of 7.50%. Future lease payments as of June 30, 2025 were as follows (in thousands):
Operating
 Leases
2025$535 
20261,086 
20271,113 
20281,140 
20291,169 
Thereafter795 
Total future lease payments5,838 
Less: Imputed interest1,001 
Present value of lease liabilities
$4,837 
Lease liabilities, current1,036 
Lease liabilities, non-current3,801 
Present value of lease liabilities
$4,837 
Other information related to our lease for the three and six months ended June 30, 2025 and 2024 is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows$263 256 524 511