The Company leases facilities under operating leases with various expiration dates through 2032. The Company leases office space in New York and Israel.

The security deposits for the leases are $1.9 million and $3.3 million as of December 31, 2025 and December 31, 2024, respectively, which have been recognized as restricted cash and cash equivalents in the consolidated balance sheets.

The Company’s operating lease expense consists of rent and variable lease payments. Variable lease payments such as common area maintenance were included in operating expenses. Rent expense for the Company’s short-term leases was immaterial for the periods presented. Operating lease expense was as follows (in thousands):


	Year Ended December 31,
		2025		2024		2023
Rent expense		$	11,191	$	11,993	$	13,016
Variable lease payments		$	448	$	365	$	280
Sublease income (1)		$	5,233	$	4,023	$	4,053

(1) The Company entered into sublease agreements for certain leased office space, and the amounts were included in other expenses, net in the consolidated statement of operations.

Supplemental information related to the Company’s operating leases was as follows ($ in thousands):


	As of December 31, 2025		As of December 31, 2024
Weighted-average remaining lease term (in years)	5.1		5.8
Weighted-average discount rate	9.0	%	9.1	%


	Year Ended December 31,
		2025		2024		2023

Operating lease right-of-use assets recognized in exchange for new operating lease obligations (1)		$	(113)	$	(17,737)	$	(1,839)

(1) During the year ended December 31, 2025 and 2024, $0.1 million and $17.7 million of operating lease right-of-use assets and corresponding lease liability were derecognized as a result of early termination which was accounted for as a lease modification.

Maturities of the Company’s operating lease liabilities as of December 31, 2025 were as follows (in thousands):


2026	$	10,085
2027	8,629
2028	5,924
2029	6,022
2030	6,022
Thereafter	5,521
Total	42,203
Less: imputed interest	(7,991)
Total operating lease liabilities	$	34,212