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Operating Leases (Tables)
12 Months Ended
Dec. 31, 2024
Operating Leases  
Schedule of operating lease expense recognized in financial statements

The table below summarizes the amounts recognized in the financial statements related to operating leases for the years presented (in thousands):

    

Year Ended

    

December 31, 2024

    

December 31, 2023

Rent expense for long-term operating leases

$

1,257

$

1,252

Rent expense for short-term leases

 

178

 

305

Total rent expense

$

1,435

$

1,557

Schedule of net present value of operating lease liability

The following table presents the maturity profile of the Company’s operating lease liabilities based on the contractual undiscounted payments with a reconciliation of these amounts to the remaining net present value of the operating lease liability reported in the consolidated balance sheet as of December 31, 2024 (in thousands):

Year

Amount

2025

$

1,300

2026

 

1,332

2027

 

1,328

2028

957

2029

695

2030 and thereafter

 

175

Total lease payments

 

5,787

Less: Interest

 

(1,132)

Net present value of lease liabilities

$

4,655

Current portion

$

877

Long-term portion

 

3,778

Total

$

4,655

Schedule of weighted average remaining lease terms and discount rates

The weighted average remaining lease terms and discount rates for all of our operating leases as of December 31, 2024 were as follows:

Weighted-average lease term remaining

    

51 months

Weighted-average discount rate

 

9.39%