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Operating Leases | 3 Months Ended
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Mar. 31, 2025
Operating Lease, Lease Income [Abstract] |
Operating Leases | 7. Operating Leases. The Company has an operating lease agreement for its corporate office that commenced in March 2021 for approximately 10,700 square feet of space. 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 components of lease expense were as follows (in thousands):
|  | For the Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Operating lease cost |  | $ | 108 |  |  | $ | 108 |
Supplemental cash flow information related to lease was as follows (in thousands):
|  | For the Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows |  | $ | 132 |  |  | $ | 129 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating lease |  | $ | 22 |  |  | $ | 22 |
Supplemental balance sheet information related to lease was as follows (in thousands):
|  | March 31, 2025 |  |  | December 31, 2024 |
Operating lease right-of-use assets, net |  | $ | 2,158 |  |  | $ | 2,230 |
Other current liabilities |  | $ | 410 |  |  | $ | 402 |
Operating lease liabilities, net of current portion |  |  | 2,681 |  |  |  | 2,786 |
Total operating lease liabilities |  | $ | 3,091 |  |  | $ | 3,188 |
As of March 31, 2025 and December 31, 2024, the weighted average remaining lease term was 6.1 years and 6.3 years, respectively. The weighted average discount rate used to determine the operating lease liabilities was 4.51% as of March 31, 2025 and December 31, 2024. Remaining payments of lease liabilities as of March 31, 2025 were as follows (in thousands):
2025 (remaining nine months) |  | $ | 405 |
2026 |  |  | 553 |
2027 |  |  | 570 |
2028 |  |  | 587 |
2029 |  |  | 605 |
Thereafter |  |  | 835 |
Total lease payments |  |  | 3,555 |
Less: imputed interest |  |  | (464 | )
Total |  | $ | 3,091 |
Rent expense was approximately $0.1 million for each of the three-month periods ended March 31, 2025 and 2024.

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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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- References No definition available. + Details
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