Note 4—Leases

The Company’s leases primarily consist of operating leases for office space. These leases have remaining terms from less than one year to approximately five years. Certain of these leases contain renewal options that may be exercised and/or options to terminate the lease. The Company has concluded that it is not reasonably certain that it would exercise any of these options.

The Company has also elected to apply the practical expedient for short-term leases whereby we do not recognize a lease liability or a right-of-use asset for leases with a term of 12 months or less. The Company recognizes short-term leases on a straight-line basis.

Supplemental disclosures related to the Company’s operating leases were as follows:

Schedule of Supplemental Disclosures Related to the Company’s Operating Leases

Schedule of Supplemental Disclosure Related Weighted Average Operating Leases

In fiscal 2025, fiscal 2024, and fiscal 2023, the Company obtained right-of-use assets of $0.6 million, $0.9 million, and $1.8 million, respectively, in exchange for new operating lease liabilities. In fiscal 2024, the Company modified its lease at 520 Broad St, Newark, New Jersey and reduced the related right-of-use asset by $0.8 million and the related operating lease liability by $0.9 million.

The Company’s aggregate operating lease liability was as follows:

Schedule of Aggregate Operating Lease Liability

Future minimum maturities of operating lease liabilities were as follows:

Schedule of Future Minimum Maturities of Operating Lease Liabilities