The Company leases office spaces, which have initial operating lease terms of three to twelve years. Some leases have options to extend the lease term, ranging from six months to five years. Certain leases have early termination options, which the Company is not reasonably certain to exercise.

During the three months ended March 31, 2026, the Company entered into a new lease with a 27‑month term and modified certain existing leases, including changes that extended lease terms by approximately two to three months and expanded the leased premises. The Company also early terminated one lease during the three months ended March 31, 2026.

Lease balances are as follows (in thousands):


	March 31, 2026		December 31, 2025
Operating lease right-of-use assets (“ROU”)	$	23,468	$	22,696

Current portion of operating lease liabilities (1)		2,571		2,344
Long-term portion of operating lease liabilities		24,789		20,887
Total operating lease liabilities	$	27,360	$	23,231

Operating lease costs totaled $2.5 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively, and were recognized on a straight-line basis over the lease term. Variable lease expenses and short-term lease expenses were immaterial for the three months ended March 31, 2026 and 2025.

Future minimum lease payments under operating leases as of March 31, 2026 are as follows (in thousands):


	Operating Leases
2026	$	4,989
2027		4,919
2028		5,391
2029		6,595
2030		6,701
Thereafter		39,664
Total minimum lease payments		68,259
Less: lease incentives		(14,689	)
Less: amounts representing interest or imputed interest		(26,210	)
Present value of lease obligations	$	27,360

Supplemental cash flow information relating to the Company’s leases is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating cash flows provided by (used in) operating leases	$	814	$	(1,095	)
Non-cash items:
Change to ROU asset and lease liability due to lease modifications and reassessments		2,740		—
ROU assets recorded under new operating leases		726		—

The weighted average remaining lease term and discount rates for operating leases are as follows:


	Three Months Ended March 31,
	2026			2025
Weighted average remaining lease term	9.1 years			4.8 years
Weighted average discount rate		10.0	%		10.0	%