The Company has operating leases for office space and determines if an arrangement is a lease at contract inception. Lease assets and lease liabilities are recognized based on the present value of lease payments over the lease term at the commencement date. The Company does not separate lease and non-lease components. Leases with a term of 12 months or less at commencement are not recorded on the unaudited condensed consolidated balance sheets. Lease expense for these arrangements is recognized on straight-line bases over the lease term. The Company’s leases have remaining lease terms of less than one year and up to approximately three years, and some which include options to terminate the leases within one year. In March 2026, we entered into a lease related to our corporate headquarters to provide us with additional office space, expected to commence in June 2026. The future minimum lease payments for operating leases executed but not commenced as of March 31, 2026 are estimated to be $0.1 million, $0.3 million, and $0.1 million, respectively, for each of the years ended December 31, 2026, 2027, and 2028.

The components of operating lease expense were as follows (in thousands):


	Three months ended March 31,
	2026		2025
Operating lease cost	156		118
Short-term lease cost	—		47
Less: sublease income	(26)		(39)
Total lease costs	$	130	$	126

Supplemental cash flow information related to leases was as follows (in thousands):


	Three months ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	162	$	215
Operating cash flows from short-term leases	—		47

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	—	$	1,115

Supplemental balance sheet information related to operating leases was as follows (in thousands, except weighted average remaining lease term and weighted average discount rate):


	March 31, 2026			December 31, 2025
Operating lease right-of-use assets	$	1,087		$	1,212


Current portion of operating lease liabilities	$	406		$	419
Operating lease liabilities, less current portion	741			859
Total operating lease liabilities	$	1,147		$	1,278

Weighted average remaining lease term	2.5			3.0

Weighted average discount rate	13.1		%	13.0		%

Maturities on lease liabilities were as follows (in thousands):


Year Ended December 31,
2026 (excluding the three months ended March 31, 2026)	$	396
2027	549
2028	369
2029	41
Total lease payments	1,355
Less: future interest expense	(208)
Lease liabilities	$	1,147