Leases

6 Months Ended

Jun. 30, 2026

Leases—The Company enters into operating leases in the normal course of business primarily for office space. The Company’s leases have remaining terms which expire through 2030. The Company’s leases do not include residual value guarantees or covenants.

The following table presents various components of the lease costs (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	754	$	515	$	1,467	$	969
Short-term lease and variable lease expense (1)	230		139		437		277
Total lease cost	$	984	$	654	$	1,904	$	1,246

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(1) Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets, and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Variable lease expense for the periods presented primarily included common area maintenance charges.

Future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2026, are as follows (in thousands):


	Amount
2026 (remainder)	$	1,310
2027	2,806
2028	1,454
2029	1,243
2030	514
Thereafter	—
Total undiscounted lease payments	7,327
Less: imputed interest	(1,322)
Net lease liabilities	$	6,005

Supplemental information related to operating leases was as follows:


	As of
	June 30, 2026		December 31, 2025
Weighted average remaining lease term (in years)	3.0		4.6
Weighted average discount rate of operating lease liabilities	7.6	%	8.2	%