Operating Leases

12 Months Ended

Dec. 31, 2024

Operating Lease, Lease Income [Abstract]

Operating Leases.

The Company has an operating lease agreement for its corporate office. The lease includes an option to extend the lease for up to 5 years and options to terminate the lease within 6 and 7.6 years. The Company has no obligations under finance leases.

The Company entered into an agreement in May 2020 that amended its lease for its office facilities. Under the amended lease, the Company’s leased space increased from approximately 7,800 square feet of space to approximately 10,700 square feet of space. The amended lease commenced in March 2021 when construction of the asset was completed and space became available for use.

The components of lease expense were as follows (in thousands):


	For the Years Ended December 31,
	2024		2023
Operating lease cost	$	431	$	431

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


	For the Years Ended December 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	522	$	506
Right-of-use assets obtained in exchange for lease obligations:
Operating lease	$	89	$	89

Supplemental balance sheet information related to lease was as follows (in thousands):


	December 31, 2024		December 31, 2023
Operating lease right-of-use assets, net	$	2,230	$	2,508
Other current liabilities	$	402	$	369
Operating lease liabilities, net of current portion		2,786		3,188
Total operating lease liabilities	$	3,188	$	3,557

As of December 31, 2024 and December 31, 2023, the weighted average remaining lease term was 6.3 years and 7.3 years, respectively. The weighted average discount rate used to determine the operating lease liabilities was 4.51% as of December 31, 2024 and 2023.

Remaining payments of lease liabilities as of December 31, 2024 were as follows (in thousands):


2025	$	537
2026		553
2027		570
2028		587
2029		605
Thereafter		835
Total lease payments		3,687
Less: imputed interest		(499	)
Total	$	3,188

Rent expense was approximately $0.4 million for the years ended December 31, 2024, 2023 and 2022.