v3.25.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Lease Cost
The Company’s lease costs consisted of the following (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Operating lease cost$396$537$818$925
Variable lease cost46376628366
Total lease cost$859$613$1,446$1,291
The following table summarizes cash flow information related to the Company’s lease obligations (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Cash paid for operating lease liabilities$398 $734 $815 $1,262 
The following table summarizes the Company’s lease assets and liabilities (in thousands):
June 30, 2025
December 31, 2024
Operating lease right-of-use assets$590 $934 
Current operating lease liabilities$456 $1,682 
Non-current operating lease liabilities$6 $1,017 
The following table summarizes other supplemental information related to the Company’s lease obligations:
June 30, 2025
December 31, 2024
Weighted-average remaining lease term (in years)0.861.70
Weighted-average discount rate6.75 %6.75 %
Schedule of Future Minimum Lease Payments
Future minimum lease payments under operating lease liabilities were (in thousands):
June 30, 2025
2025 (remaining six months)$309 
2026171 
Total future lease payments480 
Less: imputed interest18 
Total lease liability balance462 
Less: current portion of operating lease liabilities 456 
Total operating lease liabilities, non-current$6 
Schedule of Lease Income Related to the Operating Lease
The Lease is classified as an operating lease and revenue is recognized on a straight-line basis and is recorded within the consolidated statements of operations and comprehensive loss in the line item “Other rental income” as this is not a part of the Company’s core operations. Rental income related to the Lease was as follows (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Rental income related to fixed lease income$2,242 $— $4,484 $— 
Schedule of Future Fixed Contractual Lease Payments to be Received
Approximate future straight-lined contractual lease income to be recognized under the Lease in effect as of June 30, 2025, are as follows (in thousands):
June 30, 2025
2025 (remaining six months)$4,484 
20268,968 
20278,968 
20288,968 
20298,968 
2030 and thereafter85,941 
Total$126,297 
Schedule of Net Carrying Amount of the Liability Component of the Loan
The net carrying amount of the liability component of the Loan was as follows (in thousands):
 
June 30, 2025
December 31, 2024
Principal amount$85,600 $85,600 
Unamortized debt issuance cost(1,180)(1,413)
Net carrying amount$84,420 $84,187 
Schedule of Interest Expense Related to the Loan
The following table sets forth the interest expense recognized related to the Loan (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Contractual interest expense$1,389 $1,750 $2,275 $3,482 
Amortization of debt issuance cost193 249 405 498 
Total interest expense related to the Loan$1,582 $1,999 $2,680 $3,980