12. Leases

The Company has entered into operating leases for its office facilities (including its corporate headquarters) and equipment. The Company has no finance leases.

The following table provides additional information regarding the Company’s leases:

	Three Months Ended March 31,
	2026		2025
Lease cost
Operating lease cost	$	456	$	326
Short-term lease cost		23		52
Total lease cost	$	479	$	378
Other information
Cash paid for amounts included in the measurement of operating liabilities (operating leases)	$	459	$	325
Right-of-use assets obtained in exchange for new operating lease liabilities		n/a		n/a
Weighted-average remaining lease term (in years)—operating leases		0.5		1.0
Weighted-average discount rate—operating leases		6.0%		9.5%

None of the Company’s leases include variable payments, residual value guarantees or any restrictions or covenants relating to the Company’s ability to pay dividends or incur additional financing obligations.

The following table discloses future minimum lease payments at March 31, 2026 with respect to the Company’s operating lease liabilities:

Remainder of 2026	$	1,656
2027		1,336
2028		429
Total future minimum lease payments (undiscounted)	$	3,421

The following table reconciles the future minimum lease payments (disclosed above) at March 31, 2026 to the operating lease liabilities recognized in the Company’s Consolidated Balance Sheets:

Amounts recognized in the Company’s Consolidated Balance Sheets
Lease liability—short term	$	1,498
Lease liability—long term		841
Subtotal		2,339
Difference between undiscounted and discounted cash flows		1,082
Total future minimum lease payments (undiscounted)	$	3,421