Leases

9 Months Ended

Sep. 30, 2025

10. Leases

The Company has entered into operating leases for its office facilities (including its corporate headquarters) and equipment. The Company has no finance leases.

The following table provides additional information regarding the Company’s leases:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Lease cost:
Operating lease cost	$	341		$	328		$	1,003		$	976
Short-term lease cost		47			65			142			205
Total lease cost	$	388		$	393		$	1,145		$	1,181
Other information:
Cash paid for amounts included in the measurement of operating liabilities (operating leases)	$	332		$	328		$	987		$	991
Right-of-use assets obtained in exchange for new operating lease liabilities		n/a			n/a			n/a			n/a
Weighted-average remaining lease term (in years)—operating leases		1.5			1.1			1.5			1.1
Weighted-average discount rate—operating leases		6.5	%		5.7	%		6.5	%		5.7	%

None of the Company’s leases include variable payments, residual value guarantees or any restrictions or covenants relating to the Company’s ability to pay dividends or incur additional financing obligations.

The following table discloses future minimum lease payments at September 30, 2025 with respect to the Company’s operating lease liabilities:

Remainder of 2025	$	339
2026		1,186
2027		333
Total future minimum lease payments (undiscounted)	$	1,858

The following table reconciles the future minimum lease payments (disclosed above) at September 30, 2025 to the operating lease liabilities recognized in the Company’s Consolidated Balance Sheets:

Amounts recognized in the Company’s Consolidated Balance Sheets
Lease liability—short term	$	1,258
Lease liability—long term		524
Subtotal		1,782
Difference between undiscounted and discounted cash flows		76
Total future minimum lease payments (undiscounted)	$	1,858