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Leases | 9 Months Ended
--- | ---
Sep. 30, 2025
Leases [Abstract] |
Leases | Leases Operating Leases Company as a lessee The Company enters into operating leases in the normal course of business, primarily for office space. As of September 30, 2025, t he Company had five operating leases with remaining lease terms of less than one year to 2.5 years. In conjunction with one of the operating leases, the Company secured a letter of credit which has a balance of $605 and $605, as of September 30, 2025, and December 31, 2024, the balance is recorded as “Restricted cash” on the condensed consolidated balance sheets. Components of lease cost included in “Selling, general and administrative expenses” on the condensed consolidated statements of operations are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease cost | $ | 862 |  |  | $ | 579 |  |  | $ | 2,413 |  |  | $ | 1,515 |
Short-term lease cost | 61 |  |  | 244 |  |  | 285 |  |  | 891 |
Sublease income | (169) |  |  | (169) |  |  | (506) |  |  | (662) |
Total lease cost | $ | 754 |  |  | $ | 654 |  |  | $ | 2,192 |  |  | $ | 1,744 |
Supplemental cash flow information related to the lease is as follows:
| Nine Months Ended September 30,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities | $ | 2,590 |  |  | $ | 1,485 |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |
New operating leases entered into during the period | $ | 1,708 |  |  | $ | 797 |
Operating lease modification | 663 |  |  | — |
| $ | 2,371 |  |  | $ | 797 |
Supplemental balance sheet information related to the lease is as follows:
| September 30, 2025 |  | December 31, 2024
Assets: |  |  |
Right-of-use assets | $ | 3,230 |  | $ | 3,053
Liabilities: |  |  |
Accrued expenses and other current liabilities | $ | 2,660 |  | $ | 2,370
Lease liability, long-term portion | 672 |  | 963
Total operating lease liabilities | $ | 3,332 |  | $ | 3,333
Weighted average remaining operating lease term (years) | 1.2 |  | 1.6
Weighted average operating lease discount rate | 7.8% |  | 9.1%
The Company’s lease does not provide a readily determinable implicit discount rate. The Company estimates its incremental borrowing rate as the discount rate based on the information available at lease commencement. Future maturities of lease liabilities are as follows:
Remainder of 2025 | $ | 886 |
2026 | 2,117 |
2027 | 434 |
2028 | 21 |
Thereafter | — |
Total lease payments | $ | 3,458 |
Less: imputed interest | (126) |
Total lease liabilities | $ | 3,332 |
There were no leases with residual value guarantees or executed leases that had not yet commenced as of September 30, 2025. Company as a lessor The Company is a sublessor on one operating lease that expires in April 2026. Future non-cancelable rent payments from the Company's sublease tenant are as follows:
Remainder of 2025 | $ | 169 |
2026 | 225 |
Thereafter | — |
| $ | 394 |
Leases | Leases Operating Leases Company as a lessee The Company enters into operating leases in the normal course of business, primarily for office space. As of September 30, 2025, t he Company had five operating leases with remaining lease terms of less than one year to 2.5 years. In conjunction with one of the operating leases, the Company secured a letter of credit which has a balance of $605 and $605, as of September 30, 2025, and December 31, 2024, the balance is recorded as “Restricted cash” on the condensed consolidated balance sheets. Components of lease cost included in “Selling, general and administrative expenses” on the condensed consolidated statements of operations are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease cost | $ | 862 |  |  | $ | 579 |  |  | $ | 2,413 |  |  | $ | 1,515 |
Short-term lease cost | 61 |  |  | 244 |  |  | 285 |  |  | 891 |
Sublease income | (169) |  |  | (169) |  |  | (506) |  |  | (662) |
Total lease cost | $ | 754 |  |  | $ | 654 |  |  | $ | 2,192 |  |  | $ | 1,744 |
Supplemental cash flow information related to the lease is as follows:
| Nine Months Ended September 30,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities | $ | 2,590 |  |  | $ | 1,485 |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |
New operating leases entered into during the period | $ | 1,708 |  |  | $ | 797 |
Operating lease modification | 663 |  |  | — |
| $ | 2,371 |  |  | $ | 797 |
Supplemental balance sheet information related to the lease is as follows:
| September 30, 2025 |  | December 31, 2024
Assets: |  |  |
Right-of-use assets | $ | 3,230 |  | $ | 3,053
Liabilities: |  |  |
Accrued expenses and other current liabilities | $ | 2,660 |  | $ | 2,370
Lease liability, long-term portion | 672 |  | 963
Total operating lease liabilities | $ | 3,332 |  | $ | 3,333
Weighted average remaining operating lease term (years) | 1.2 |  | 1.6
Weighted average operating lease discount rate | 7.8% |  | 9.1%
The Company’s lease does not provide a readily determinable implicit discount rate. The Company estimates its incremental borrowing rate as the discount rate based on the information available at lease commencement. Future maturities of lease liabilities are as follows:
Remainder of 2025 | $ | 886 |
2026 | 2,117 |
2027 | 434 |
2028 | 21 |
Thereafter | — |
Total lease payments | $ | 3,458 |
Less: imputed interest | (126) |
Total lease liabilities | $ | 3,332 |
There were no leases with residual value guarantees or executed leases that had not yet commenced as of September 30, 2025. Company as a lessor The Company is a sublessor on one operating lease that expires in April 2026. Future non-cancelable rent payments from the Company's sublease tenant are as follows:
Remainder of 2025 | $ | 169 |
2026 | 225 |
Thereafter | — |
| $ | 394 |

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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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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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