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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Summary of lease cost

The components of lease costs are as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Operating lease costs

 

 

 

 

 

 

Fixed

 

$

3,852

 

 

$

5,330

 

Short-term

 

 

1,225

 

 

 

345

 

Variable

 

 

4

 

 

 

23

 

Sub-leases

 

 

(289

)

 

 

(50

)

Total operating lease costs

 

$

4,792

 

 

$

5,648

 

 

 

 

 

 

 

 

Finance lease costs

 

 

 

 

 

 

Amortization of leased assets

 

$

5

 

 

$

78

 

Interest on lease liabilities

 

 

1

 

 

 

2

 

Total finance lease costs

 

$

6

 

 

$

80

 

Total lease cost

 

$

4,798

 

 

$

5,728

 
Summary of Supplemental balance sheet information related to leases

Supplemental balance sheet information related to leases is as follows (in thousands):

 

 

 

 

December 31,

 

 

 

Classification

 

2024

 

 

2023

 

Assets

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

 

 

Right of use operating lease assets

 

Other assets

 

$

13,659

 

 

$

7,277

 

Finance leases

 

 

 

 

 

 

 

 

Property and equipment, gross

 

Property and equipment, net

 

 

5,897

 

 

 

5,860

 

Accumulated depreciation

 

Property and equipment, net

 

 

(5,864

)

 

 

(5,860

)

Property and equipment, net

 

Property and equipment, net

 

 

33

 

 

 

—

 

Total lease assets

 

 

 

$

13,692

 

 

$

7,277

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

 

 

Other current

 

Current portion of operating lease liability

 

$

4,245

 

 

$

3,354

 

Non-current

 

Operating lease liability, less current portion

 

 

9,149

 

 

 

5,931

 

Total operating liabilities

 

 

 

 

13,394

 

 

 

9,285

 

Finance leases

 

 

 

 

 

 

 

 

Other current

 

Accrued liabilities

 

 

13

 

 

 

—

 

Non-current

 

Other liabilities

 

 

18

 

 

 

—

 

Total finance liabilities

 

 

 

 

31

 

 

 

—

 

Total lease liabilities

 

 

 

$

13,425

 

 

$

9,285

 

 
Summary of maturities of lease liabilities

Maturities of lease liabilities are as follows (in thousands):

Years Ending December 31,

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

2025

 

$

5,378

 

 

$

12

 

 

$

5,390

 

2026

 

 

4,451

 

 

 

15

 

 

 

4,466

 

2027

 

 

3,019

 

 

 

8

 

 

 

3,027

 

2028

 

 

1,832

 

 

 

—

 

 

 

1,832

 

2029

 

 

924

 

 

 

—

 

 

 

924

 

Thereafter

 

 

70

 

 

 

—

 

 

 

70

 

Total minimum lease payments

 

$

15,674

 

 

$

35

 

 

$

15,709

 

Less: Imputed interest

 

 

(1,941

)

 

 

(4

)

 

 

(1,945

)

Present value of minimum lease payments

 

$

13,733

 

 

$

31

 

 

$

13,764

 
Summary of weighted average lease term and discount rate operating lease and financing lease

Lease term and discount rates are as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Weighted average remaining lease term

 

 

 

 

 

 

Operating leases

 

3.4 Years

 

 

3.4 Years

 

Finance leases

 

2.6 Years

 

 

 

—

 

 

 

 

 

 

 

 

Weighted average discount rate

 

 

 

 

 

 

Operating leases

 

 

7.85

%

 

 

6.85

%

Finance leases

 

 

8.20

%

 

 

—

 
Summary of Supplemental cash flow information related to leases

Supplemental cash flow information related to leases was as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Cash paid for amounts included in measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

4,373

 

 

$

6,825

 

Operating cash flows from finance leases

 

0

 

 

 

2

 

Financing cash flows from finance leases

 

 

7

 

 

 

104

 

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

 

 

 

Operating leases

 

$

9,956

 

 

$

5,084

 

Finance leases

 

 

41

 

 

 

—

 

Amortization:

 

 

 

 

 

 

Amortization of right-of-use operating lease assets (1)

 

$

3,346

 

 

$

4,766

 
(1)
Amortization of right of use operating lease assets during the period is reflected in operating lease liabilities on the consolidated statements of cash flows.