v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
A major part of the Company’s lease obligations is for office real estate. The Company may also lease corporate apartments, cars and office equipment. Payments on some of our leases may depend on index or rate, including Consumer Price Index. Such payments are included in the calculation of lease liability and assets at the commencement dates, all future changes are accounted as variable payments similar to other variable payments, such as common area maintenance, property and other taxes, utilities and insurance that are based on the lessor’s cost.
The Company’s leases have remaining lease terms ranging from 0.2 to 5.0 years as of June 30, 2026. Certain lease agreements may include the option to extend or terminate before the end of the contractual term and are often non-cancelable or cancellable only by the payment of penalties. The Company includes these options in the lease term when it is reasonably certain that they will be exercised.
As of June 30, 2026 and December 31, 2025, the Company had no finance leases.
Operating lease expense is recorded on a straight-line basis over the lease term. During the three and six months ended June 30, 2026 and 2025, lease costs were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in thousands)
Operating lease cost$1,574 $1,458 $3,197 $2,938 
Variable lease cost223 129 356 250 
Short-term lease cost220 209 522 429 
Total lease cost$2,017 $1,796 $4,075 $3,617 
Supplemental information related to operating lease transactions is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in thousands)
Lease liability payments$1,740 $1,471 $3,370 $2,836 
Lease right-of-use assets obtained in exchange for liabilities$865 $3,118 $2,917 $3,118 
Non-cash net increase in lease assets due to lease modifications$(216)$1,861 $(216)$1,861 
Non-cash net increase in lease liability due to lease modifications$216 $(1,743)$216 $(1,743)
Weighted average remaining lease term and discount rate as of June 30, 2026 and December 31, 2025 were as follows:
As of
June 30,
2026		December 31,
2025
Weighted average remaining lease term, in years3.53.7
Weighted average discount rate7.7 %7.6 %
As of June 30, 2026, operating lease liabilities will mature as follows:
Lease Payments
(in thousands)
2026 (excluding six months ended June 30, 2026)
$3,730 
20275,673 
20284,029 
20293,169 
20302,312 
Thereafter278 
Total lease payments19,191 
Less: imputed interest(2,483)
Total$16,708 
There were no lease agreements signed with related parties as of June 30, 2026 and December 31, 2025.
The Company does not have finance lease agreements that had not yet commenced.