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Operating Leases | 9 Months Ended
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Sep. 30, 2025
Operating Leases [Abstract] |
Operating Leases | Note 8. Operating Leases As of September 30, 2025, the Company has use of space in three different locations, Hoboken, NJ, Tempe, AZ, and Arlington, VA, under lease or membership agreements, which expire at various dates through July 31, 2030. The Company’s leases do not provide an implicit rate, and the rates implicit in our leases are not readily determinable. Therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease assets and liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. The Company’s leases all contain options to extend or renew the lease or membership term. The table below reconciles the undiscounted future minimum lease payments under these operating leases to the total operating lease liabilities recognized on the consolidated balance sheet as of September 30, 2025 (in thousands): The Company’s operating lease commitments as of September 30, 2025 are as follows (in thousands):
|  | Lease Payments |
Year |  | Due |
2025 (remaining three months) |  | $ | 78 |
2026 |  |  | 1,001 |
2027 |  |  | 1,028 |
2028 |  |  | 665 |
2029 |  |  | 213 |
Thereafter |  |  | 126 |
Total minimum payments |  |  | 3,111 |
Less: imputed interest |  |  | (527 | )
Present value of operating lease liabilities |  |  | 2,584 |
Less: current portion included in other current liabilities |  |  | (641 | )
Long-term operating lease liabilities |  | $ | 1,943 |
Other information related to operating lease liabilities consists of the following (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2025 |  |  | September 30, 2024 |  |  | September 30, 2025 |  |  | September 30, 2024 |
Cash paid for operating lease liabilities |  | $ | 212 |  |  | $ | 83 |  |  | $ | 517 |  |  | $ | 248 |
|  | September 30, 2025 |  |  | December 31, 2024 |
Weighted average remaining lease term in years |  |  | 3.37 |  |  |  | 3.30 |
Weighted average discount rate |  |  | 10.80 | % |  |  | 10.00 | %

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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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