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Operating Leases (Tables)

9 Months Ended

Sep. 30, 2025

Operating Leases

Schedule of operating lease expense recognized in financial statements

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


		For the Three Months Ended						For the Nine Months Ended
		September 30,						September 30,
		2025			2024			2025			2024
Rent expense for long-term operating leases		$	337		$	314		$	966		$	943
Rent expense for short-term leases			46			51			136			142
Total rent expense		$	383		$	365		$	1,102		$	1,085

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 condensed consolidated balance sheet as of September 30, 2025 (in thousands):


Year		Amount
Remaining for 2025		$	368
2026			1,562
2027			1,560
2028			1,159
2029			722
2030 and thereafter			194
Total lease payments			5,565
Less: Interest			(888)
Net present value of lease liabilities		$	4,677

Current portion		$	1,122
Long-term portion			3,555
Total		$	4,677

Schedule of weighted average remaining lease terms and discount rates

The weighted average remaining lease terms and discount rates for all of the Company’s operating leases as of September 30, 2025 were as follows:


Weighted-average lease term remaining		41 months
Weighted-average discount rate		9.16	%