v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Lease-related costs for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
202520242023
Operating lease cost$3,036 $3,518 $3,478 
Variable lease cost1,591 1,786 1,678 
Total lease cost$4,627 $5,304 $5,156 
As of December 31, 2025, the maturities of the operating lease liabilities and a reconciliation to the present value of lease liabilities were as follows (dollars in thousands):
 Remaining
Lease Payments
2026$2,090 
20271,991 
2028354 
2029119 
Total remaining undiscounted lease payments$4,554 
Less: Imputed interest(388)
Total operating lease liabilities4,166 
Less: current portion(1,844)
Long-term operating lease liabilities $2,322 
Weighted-average remaining lease term (in years) 2.2
Weighted-average discount rate 8.1%
The following table provides certain cash flow and supplemental cash flow information related to the Company’s right-of-use assets and lease liabilities for the years ended December 31, 2025 and 2024 (in thousands):
 20252024
Operating cash paid to settle operating lease liabilities$3,910 $4,436 
Right-of-use assets obtained in exchange for lease liabilities(1)
$— $1,047 
Derecognition of right-of-use asset and lease liability due to operating lease termination$1,687 $— 
(1) The year ended December 31, 2024 includes an increase in right-of-use assets due to the change in estimated timing of receipt of reimbursements for tenant improvements related to the New Haven, Connecticut lease.
During the year ended December 31, 2025, the Company entered into the Mutual Release Agreement to terminate the lease of 67,000 square feet of space in New Haven, Connecticut, resulting in the derecognition of the right-of-use asset in the amount of $7.3 million and the related lease liability in the amount of $5.6 million which were included in Operating lease right-of-use assets and Operating lease liabilities, respectively, on the Consolidated Balance Sheets. For further details regarding this lease termination, please refer to Note 17. Commitments and Contingencies.