12. Leases

The Company has entered into operating leases for its office facilities (including its corporate headquarters) and equipment. The Company has no finance leases.

The following table provides additional information regarding the Company’s leases:

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Lease cost:
Operating lease cost	$	531	$	337	$	987	$	662
Short-term lease cost		100		43		123		95
Total lease cost	$	631	$	380	$	1,110	$	757
Other information:
Cash paid for amounts included in the measurement of operating liabilities (operating leases)	$	484	$	329	$	943	$	655
Right-of-use assets obtained in exchange for new operating lease liabilities		n/a		n/a		n/a		n/a
Weighted-average remaining lease term (in years)—operating leases		1.8		1.8		1.8		1.8
Weighted-average discount rate—operating leases		7.9%		6.6%		7.9%		6.6%

None of the Company’s leases include variable payments, residual value guarantees or any restrictions or covenants relating to the Company’s ability to pay dividends or incur additional financing obligations.

The following table discloses future minimum lease payments at June 30, 2026 with respect to the Company’s operating lease liabilities:

Remainder of 2026	$	1,115
2027		1,385
2028		397
2029		188
Total future minimum lease payments (undiscounted)	$	3,085

The following table reconciles the future minimum lease payments (disclosed above) at June 30, 2026 to the operating lease liabilities recognized in the Company’s Consolidated Balance Sheets:

Amounts recognized in the Company’s Consolidated Balance Sheets
Lease liability—short term	$	1,690
Lease liability—long term		1,258
Subtotal		2,948
Difference between undiscounted and discounted cash flows		137
Total future minimum lease payments (undiscounted)	$	3,085