COMMITMENTS AND CONTINGENCIES (Tables)
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3 Months Ended |
12 Months Ended |
Mar. 31, 2026 |
Dec. 31, 2025 |
| COMMITMENTS AND CONTINGENCIES |
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| Schedule of components of lease expenses |
The components of lease expenses recorded within the condensed consolidated statements of operations for the three months ended March 31, 2026, and 2025 are as follows (in thousands): | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | Finance lease costs: | | | | | | | Amortization of right-of-use assets | | $ | — | | $ | 207 | Interest on financing lease liabilities | | | — | | | 185 | Total finance lease costs | | | — | | | 392 | Operating lease costs: | | | | | | | Operating lease expenses | | | 480 | | | 497 | Variable lease expenses | | | 217 | | | 199 | Short-term lease expenses | | | — | | | 18 | Total operating lease costs | | | 697 | | | 714 | Total lease expenses | | $ | 697 | | $ | 1,106 |
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The components of lease expenses recorded within the consolidated statements of operations for the years ended December 31, 2025, and 2024 are as follows (in thousands): | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | Finance lease costs: | | | | | | | Amortization of right-of-use assets | | $ | 666 | | $ | 829 | Interest on financing lease liabilities | | | 583 | | | 772 | Total finance lease costs | | | 1,249 | | | 1,601 | Operating lease costs: | | | | | | | Operating lease expenses | | | 1,936 | | | 2,089 | Variable lease expenses | | | 799 | | | 947 | Short-term lease expenses | | | 18 | | | 66 | Total operating lease costs | | | 2,753 | | | 3,102 | Total lease expenses | | $ | 4,002 | | $ | 4,703 |
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| Schedule of other information related to agreements treated as finance and operating leases |
| | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | Operating cash flows from operating leases | | $ | (489) | | $ | (493) | Financing cash flows from finance lease | | $ | — | | $ | (353) |
| | | | | | | | | | | | | | As of | | | | March 31, 2026 | | December 31, 2025 | | Weighted-average remaining lease term – operating leases (years) | | 5.5 | | 5.9 | | Weighted-average discount rate – operating leases | | 8.04 | % | 8.05 | % | Remaining lease term – finance lease (years) | | — | | — | | Discount rate – finance lease | | N/A | | N/A | |
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| | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | 2025 | | 2024 | | Operating cash flows from operating leases | | $ | (1,954) | | $ | (2,053) | | Financing cash flows from finance lease | | $ | (1,148) | | $ | (1,391) | | Weighted-average remaining lease term - operating leases (years) | | | 5.9 | | | 6.8 | | Weighted-average discount rate - operating leases | | | 8.05 | % | | 8.08 | % | Remaining lease term - finance lease (years) | | | — | | | 8.8 | | Discount rate - finance lease | | | N/A | | | 7.85 | % |
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| Schedule of maturities of lease liabilities |
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Maturities of lease liabilities as of December 31, 2025, were as follows (in thousands): | | | | | | | | | | Operating lease | Year Ended December 31, | | obligations | 2026 | | $ | 1,994 | 2027 | | | 2,053 | 2028 | | | 1,546 | 2029 | | | 1,308 | 2030 | | | 1,348 | Thereafter | | | 2,577 | Total lease payments | | | 10,826 | Imputed interest | | | (2,289) | Net lease liabilities, short-term and long-term | | $ | 8,537 | Reported as of December 31, 2025: | | | | Lease liabilities, current portion | | | 1,357 | Lease liabilities, net of current portion | | | 7,180 | Net lease liabilities, short-term and long-term | | $ | 8,537 |
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