As of June 30, 2026, the Company had operating leases for office space in both Buffalo Grove, Illinois and Florham Park, New Jersey, with weighted average remaining lease terms of 4.0 years and 4.7 years, respectively. In September 2025, the Company entered into amendments to its lease agreements for the New Jersey office space to extend the terms of the leases through February 2031. All operating leases contain an option to extend the term for one additional five year period, which was not considered in the determination of the right-of-use asset or lease liability as the Company did not consider it reasonably certain that it would exercise such options.

The total rent expense for the three months ended June 30, 2026 and 2025 was $0.2 million and $0.3 million, respectively. Total rent expense for the six months ended June 30, 2026 and 2025 was $0.4 million and $0.5 million, respectively. Total short-term lease costs relating to leased vehicles were $1.9 million and $1.8 million for the three months ended June 30, 2026 and 2025, respectively. Total short-term lease costs relating to leased vehicles were approximately $3.7 million and $3.6 million for the six months ended June 30, 2026 and 2025, respectively.

As of June 30, 2026, the future minimum annual lease payments under the operating leases were as follows (in thousands):


Year ending December 31:
2026	$	332
2027		719
2028		736
2029		753
2030		702
Thereafter		100
Total minimum lease payments		3,342
Less: amount representing interest		(817	)
Present value of operating lease liabilities		2,525
Less: operating lease liabilities, current		(670	)
Operating lease liabilities, non-current	$	1,855

Weighted-average remaining lease term (in years)		4.49
Weighted-average incremental borrowing rate		13.83	%

Operating cash flows for the six months ended June 30, 2026 and 2025 included cash payments for operating leases of approximately $0.5 million and $0.4 million, respectively.