v3.26.1
LEASES
6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Gravitics Inc [Member]    
LeasesLineItems [Line Items]    
LEASES

6. Leases

 

The Company has entered into one noncancellable operating lease for office and manufacturing space, with a term ending in 2029. The Company determines if a contract is or contains a lease based on its relevant terms in accordance with ASC 842, including whether it conveys to the Company the right to obtain substantially all of the economic benefits of the identified leased asset and to direct its use.

 

The components of lease cost for the three and six months ended June 30, 2026 and 2025 were as follows (amounts in thousands):

 

             
  

For the Three Months Ended

June 30,

  

For the Six Months Ended

June 30,

 
   2026   2025   2026   2025 
Operating lease cost  $175   $178   $351   $354 
Variable lease cost   93    17    151    30 
Total lease cost  $268   $195   $502   $384 

 

 

Other information related to leases are as follows (amounts in thousands):

 

             
  

For the Three Months Ended

June 30,

  

For the Six Months Ended

June 30,

 
   2026   2025   2026   2025 
Supplemental cash flow information:                    
Cash paid for amounts included in the measurement of lease liabilities:                    
Cash used in operations for
operating leases
  $190   $132   $330   $272 

 

 

   As of      As of    
   June 30, 2026   December 31, 2025 
Weighted-average remaining lease term - operating leases (years)   2.8    3.3 
Weighted-average discount rate - operating leases   8.3%   8.3%

 

6. Leases

 

The Company has entered into one noncancellable operating lease for office and manufacturing space, with a term ending in 2029. The Company determines if a contract is or contains a lease based on its relevant terms in accordance with ASC 842, including whether it conveys to the Company the right to obtain substantially all of the economic benefits of the identified leased asset and to direct its use.

 

 

The components of lease cost for the years ended December 31, 2025 and 2024 were as follows (amounts in thousands):

   2025   2024 
   Year Ended December 31, 
   2025   2024 
Operating lease cost  $702   $702 
Variable lease cost   134    228 
Total lease cost  $836   $930 

 

 

Other information related to leases as of December 31, 2025 and 2024 were as follows (dollar amounts in thousands):

 

   2025   2024 
   Year Ended December 31, 
   2025   2024 
Supplemental cash flow information:          
Cash paid for amounts included in the measurement of lease liabilities:          
Cash used in operations for operating leases  $545   $524 

 

   December 31, 
   2025   2024 
Weighted-average remaining lease term - operating leases (years)   3.3    4.3 
Weighted-average discount rate - operating leases   8.3%   8.3%

 

 

Maturities of lease liabilities under noncancellable leases as of December 31, 2025 are as follows (amounts in thousands):

 

      
2026  $567 
2027   590 
2028   613 
2029   212 
Total lease payments   1,982 
Less imputed interest   (261)
Total lease liabilities  $1,721 
      
Current portion of lease liabilities  $441 
Lease liabilities, net of current portion   1,280 
Total lease liabilities  $1,721