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Operating Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Operating Leases
7. Operating Leases
We have entered into various non-cancellable operating leases agreements, primarily for the use of office space, expiring at various dates through 2029. Our lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised. We consider these options in determining the lease term on a lease-by-lease basis. We account for lease components and non-lease components as a single lease component for all leases. None of our lease agreements contain material non-lease components, material residual value guarantees, or restrictive covenants. We have elected an accounting policy to not recognize short-term leases, which have a lease term of twelve months or less, on the consolidated balance sheets.
Lease Cost
The components of lease cost were as follows:
Year ended December 31,
202520242023
(in thousands)
Operating lease cost$7,756 $7,231 $13,062 
Short-term lease cost2,512 3,324 3,857 
Variable lease cost1,097 278 749 
Total lease costs$11,365 $10,833 $17,668 
Lease Term and Discount Rate
The weighted-average remaining lease term and discount rate related to the operating leases were as follows:
December 31,
2025		December 31,
2024
Weighted-average remaining lease term (in years)3.004.00
Weighted-average discount rate6.22 %6.48 %
Maturity of Lease Liabilities
The present value of our operating lease liabilities as of December 31, 2025 was as follows:
(in thousands)
2026$8,779 
20278,728 
20286,993 
20291,500 
Total undiscounted lease payments
26,000 
Less: imputed interest
(2,786)
Present value of lease liabilities
$23,214 
Operating lease liabilities
7,023 
Operating lease liabilities, noncurrent
16,191 
Total
$23,214 
Other Information
Right-of-use assets obtained in exchange for lease liabilities were immaterial for the years ended December 31, 2025 and 2024 and were $12.0 million for the year ended December 31, 2023. Cash payments included in the measurement of our operating lease liabilities were immaterial for the years ended December 31, 2025, 2024, and 2023.