v3.25.4
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Summary of operating rent expenses

The following table presents operating rent expense and related short-term lease costs (in thousands):

 

 

YEAR ENDED DECEMBER 31,

 

 

2025

 

 

2024

 

Rent expense

 

$

4,007

 

 

$

4,052

 

Variable lease expense

 

 

2,149

 

 

 

2,029

 

Amount of rent expense related to short-term leases

 

 

629

 

 

 

 

 

Summary of future minimum annual obligations under the company's operating leases

Future minimum annual obligations under the Company’s operating leases with terms in excess of one year are as follows (in thousands):

 

YEAR ENDED DECEMBER 31,

 

 

 

2026

 

 

3,143

 

2027

 

 

3,497

 

2028

 

 

3,603

 

2029

 

 

2,284

 

Total minimum lease payments

 

 

12,527

 

Less: amount representing interest

 

 

(1,629

)

Present value of operating lease liabilities

 

 

10,898

 

Less: operating lease liabilities, current

 

 

(3,015

)

Operating lease liabilities, net of current portion

 

$

7,883

 

Summary of incremental borrowing rate

As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on average discount rate, which were as follows:

 

 

AS OF

 

 

DECEMBER 31,
2025

 

 

DECEMBER 31,
2024

 

Weighted-average remaining
   lease term

 

3.6 years

 

 

4.4 years

 

Weighted-average discount rate

 

 

8.0

%

 

 

7.7

%