The Company leases office space with lease terms ranging from one to six years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease.

The Company has determined its leases should be classified as operating leases. Variable lease costs are comprised primarily of the Company’s proportionate share of operating expenses, property taxes, and insurance and are classified as lease cost due to the Company’s election to not separate lease and non-lease components. The Company incurred operating lease costs of $1.0 million for the three months ended March 31, 2026, and $1.1 million for the three months ended March 31, 2025. The Company also incurred immaterial variable lease costs for the three months ended March 31, 2026, and $0.1 million for the three months ended March 31, 2025.

Cash paid for amounts included in the measurement of operating lease liabilities was $1.1 million for the three months ended March 31, 2026, and $1.2 million for the three months ended March 31, 2025. These amounts were included in net cash provided by operating activities in the Company’s consolidated statements of cash flows.


	Operating Leases
Year Ended December 31,	(in thousands)
2026 (remainder of the year)	$	3,053
2027	2,869
2028	4,023
2029	1,693


Total lease payments	$	11,638
Less: imputed interest	$	(943)
Present value of operating lease liabilities	$	10,695
Operating lease liabilities, current	$	3,577
Operating lease liabilities, non-current	$	7,118

The weighted average remaining operating lease term and the weighted average discount rate used to determine the operating lease liability were as follows:


	As of March 31, 2026		As of December 31, 2025
Weighted-average remaining lease term of operating leases	3.1 years		3.3 years
Weighted-average discount rate of operating leases	5.5	%	5.4	%