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The Company is a lessee under certain operating leases for office space and equipment.
The components of lease expenses consisted of the following for the periods presented:
| | | Three Months Ended June 30, | | | Six Months Ended June 30, | |
| (in thousands) | | 2026 | | | 2025 | | | 2026 | | | 2025 | |
| Lease Expense: | | | | | | | | | | | | | | | | |
| Operating lease expense | | $ | 173 | | | $ | 57 | | | $ | 513 | | | $ | 269 | |
| Short-term lease expense | | | 7 | | | | 272 | | | | 8 | | | | 299 | |
| Total lease expense | | $ | 180 | | | $ | 329 | | | $ | 521 | | | $ | 568 | |
The following includes supplemental information for the periods presented:
| | | Three Months Ended June 30, | | | Six Months Ended June 30, | |
| (in thousands) | | 2026 | | | 2025 | | | 2026 | | | 2025 | |
| Supplemental Cash Flow Information: | | | | | | | | | | | | | | | | |
| Operating cash flows used from operating leases | | $ | 230 | | | $ | 82 | | | $ | 348 | | | $ | 174 | |
| Operating lease assets obtained in exchange for lease obligations | | | - | | | | - | | | | - | | | | - | |
Balance sheet information related to leases consisted of the following as of the periods presented:
| (in thousands) | | June 30, 2026 | | | December 31, 2025 | |
| Assets: | | | | | | | | |
| Operating lease right-of-use assets | | $ | 4,212 | | | $ | 4,861 | |
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| Liabilities: | | | | | | | | |
| Current portion of operating lease liabilities | | | 646 | | | | 643 | |
| Non-current portion of operating lease liabilities | | | 3,820 | | | | 4,395 | |
| Total operating lease liabilities | | $ | 4,466 | | | $ | 5,038 | |
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| Weighted-average remaining lease term - operating leases (in years) | | | 5.43 | | | | 5.58 | |
| Weighted-average discount rate - operating leases | | | 8.5 | % | | | 8.5 | % |
The following table summarizes the maturities of lease liabilities as of June 30, 2026:
| (in thousands) | | Amount | |
| Fiscal Year: | | | | |
| 2026 | | $ | 717 | |
| 2027 | | | 995 | |
| 2028 | | | 984 | |
| 2029 | | | 948 | |
| Thereafter | | | 2,152 | |
| Total | | | 5,796 | |
| Less: imputed interest | | | (1,330 | ) |
| Present value of net future minimum lease payments | | $ | 4,466 | |
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