v3.25.4
Operating Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Operating Leases Operating Leases
The Company’s operating leases are related to its corporate headquarters in Newport Beach, California and do not contain any residual value guarantees or material restrictive covenants. The minimum lease payments associated with lease renewal will only be included in the measurement of the lease liability and ROU assets if the exercise of the renewal option is determined to be reasonably certain. The Company considers the timing of the renewal period and other economic factors such as the financial implications of a decision to extend or not to extend a lease in determining if the renewal option is reasonably certain to be exercised.
Certain of the Company’s operating leases include variable lease payments that are not determinable at lease commencement. Accordingly, these variable lease payments are excluded from the measurement of ROU assets and lease liabilities and are recognized as lease expense in the period in which they are incurred.
The components of operating lease expense are as follows:
Year Ended December 31,
202520242023
Fixed operating lease expense$2,129 $1,526 $1,164 
Variable operating lease expense354 150 183 
Total operating lease expense
$2,483 $1,676 $1,347 
Supplemental information on operating leases is as follows:
December 31,
202520242023
Weighted-average remaining lease term (years)4.15.16.1
Weighted-average discount rate9.9 %9.7 %11.0 %
Cash paid for amounts included in the measurement of lease liabilities$1,781$1,433$1,320
ROU assets obtained in exchange for operating lease liabilities
$1,185$3,002$4,550
Operating lease expenses are included in the selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss. Operating lease ROU assets and related current and long-term operating lease liabilities are presented in the accompanying consolidated balance sheets.
The following table presents the future minimum lease payments under operating lease agreements with non-cancelable terms as of December 31, 2025:
Fiscal year
2026$2,529 
20272,617 
20282,709 
20292,805 
2030234 
Thereafter— 
Total minimum lease payments
$10,894 
Less: imputed interest(1,994)
Present value of operating lease liabilities$8,900