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Operating Leases

9 Months Ended

Sep. 30, 2025

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	%