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Leases | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Leases | Leases The Company has operating leases for real estate. The Company does not have any finance leases. The Company leases its offices and facilities in Miami, FL, Palo Alto, CA, Princeton, NJ, Oxford, U.K., and Menlo Park, CA under non-cancellable operating lease agreements. The lease agreements for the Company’s offices and facilities in Miami, FL, Palo Alto, CA, Princeton, NJ and Oxford, U.K., expire in April 2029, October 2033, August 2028, and February 2027, respectively. The remaining lease agreement for the Company’s office and facility in Menlo Park, CA expires in May 2026. Under the terms of the lease agreements, the Company is responsible for certain repair and maintenance, utilities, licensing and permit fees. During the year ended December 31, 2025, the Company recorded $17,056 of operating right-of-use assets and operating lease liabilities related to new leases for office space for its Palo Alto, CA and Princeton, NJ locations. Total future lease payments as of December 31, 2025 are approximately $23,117 on an undiscounted basis. The Palo Alto lease commenced on December 1, 2025 and has a term of approximately 8 years. The Princeton, NJ lease commenced on August 18, 2025 and has a term of 3 years. The Company recorded $4,216 of right-of-use assets during the year ended December 31, 2024 related to its Miami, Florida headquarters. The carrying value of the right-of-use assets as of December 31, 2025 and 2024 is $20,616 and $7,144, respectively. The elements of lease expense were as follows:
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Fixed lease costs |  | $ | 3,853 |  |  | $ | 3,461 |  |  | $ | 2,214 |
Variable lease costs |  | 225 |  |  | 48 |  |  | 83 |
Total lease cost |  | $ | 4,078 |  |  | $ | 3,509 |  |  | $ | 2,297 |
The weighted average discount rate and the weighted average remaining lease term were 7.6% and 6.7 years, respectively, as of December 31, 2025. The weighted average discount rate and the weighted average remaining lease term were 6.9% and 2.8 years, respectively, as of December 31, 2024. The Company made cash payments related to lease liabilities of $3,741 and $2,568 for the years ended December 31, 2025 and 2024, respectively. Future lease payments under non-cancelable leases as of December 31, 2025 are detailed as follows:
Year Ending December 31, |  |
2026 |  | $ | 3,492 |
2027 |  | 4,052 |
2028 |  | 4,158 |
2029 |  | 3,349 |
2030 |  | 3,073 |
Thereafter |  | 9,205 |
Total lease payments |  | 27,328 |
Less: imputed interest |  | 6,438 |
Total operating lease liabilities |  | $ | 20,890 |
Less: Operating lease liabilities, current portion |  | 3,388 |
Operating lease liabilities, net of current portion |  | $ | 17,502 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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