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Leases | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
Leases | Leases We conduct operations from certain leased facilities in various locations. At December 31, 2024, we had various non-cancelable operating leases for office space and equipment, which expire between June 2025, and February 2033, and which represent the non-cancelable periods of the leases and include extension options that we determined are reasonably certain to be exercised. We exclude extension options that are not reasonably certain to be exercised from our lease terms. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. We often receive customary incentives from our landlords, such as reimbursements for tenant improvements and rent abatement periods, which effectively reduce the total lease payments owed for these leases. Operating lease liabilities on our consolidated balance sheets represent the present value of our remaining lease payments over the remaining lease terms. We do not allocate lease payments to non-lease components. We use our incremental borrowing rate to calculate the present value of our lease payments, as the implicit rates in our leases are not readily determinable. Leases consist of the following (in thousands):
|  |  |  | As of December 31,
Assets |  | Classification |  | 2024 |  | 2023
Operating |  | Operating lease right-of-use assets |  | $ | 7,189 |  |  | $ | 8,518 |
Finance |  | Property and equipment, net |  | 2 |  |  | 27 |
Total leases |  |  |  | $ | 7,191 |  |  | $ | 8,545 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Operating lease liabilities |  | $ | 1,861 |  |  | $ | 2,052 |
Finance |  | Accrued expenses and other current liabilities |  | 3 |  |  | 26 |
Non Current |  |  |  |  |  |
Operating |  | Operating lease liabilities, non-current |  | 6,018 |  |  | 6,966 |
Finance |  | Other liabilities |  | — |  |  | 2 |
Total lease liabilities |  |  |  | $ | 7,882 |  |  | $ | 9,046 |
At December 31, 2024, the maturities of our remaining operating lease were as follows (in thousands, except years and percentages):
|  | Operating leases |  |  |  |
2025 |  | $ | 1,895 |  |  |  |  |
2026 |  | 1,935 |  |  |  |  |
2027 |  | 1,916 |  |  |  |  |
2028 |  | 1,562 |  |  |  |  |
2029 |  | 1,290 |  |  |  |  |
Thereafter |  | 186 |  |  |  |  |
Total minimum lease payments |  | 8,784 |  |  |  |  |
Less: Effects of discounting |  | 905 |  |  |  |  |
Present value of lease liabilities |  | $ | 7,879 |  |  |  |  |
Less: current portion |  | $ | 1,861 |  |  |  |  |
Long-term lease liabilities |  | $ | 6,018 |  |  |  |  |
Weighted-average remaining lease term as of December 31, 2024 (in years) |  | 4.7 |  |  |  |
Weighted-average incremental borrowing rate as of December 31, 2024 |  | 4.82 | % |  |  |  |
Weighted-average remaining lease term as of December 31, 2023 (in years) |  | 5.0 |  |  |  |
Weighted-average incremental borrowing rate as of December 31, 2023 |  | 4.51 | % |  |  |  |
The component of our lease costs included in our consolidated statements of operations were as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Lease cost |  |  |  |  |
Operating lease cost | $ | 2,696 |  |  | $ | 3,127 |  |  | 2,384 |
Other variable cost | 318 |  |  | 276 |  |  | 250 |
Finance lease cost | 26 |  |  | 38 |  |  | 17 |
Net lease cost | $ | 3,040 |  |  | $ | 3,441 |  |  | 2,651 |
Leases | Leases We conduct operations from certain leased facilities in various locations. At December 31, 2024, we had various non-cancelable operating leases for office space and equipment, which expire between June 2025, and February 2033, and which represent the non-cancelable periods of the leases and include extension options that we determined are reasonably certain to be exercised. We exclude extension options that are not reasonably certain to be exercised from our lease terms. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. We often receive customary incentives from our landlords, such as reimbursements for tenant improvements and rent abatement periods, which effectively reduce the total lease payments owed for these leases. Operating lease liabilities on our consolidated balance sheets represent the present value of our remaining lease payments over the remaining lease terms. We do not allocate lease payments to non-lease components. We use our incremental borrowing rate to calculate the present value of our lease payments, as the implicit rates in our leases are not readily determinable. Leases consist of the following (in thousands):
|  |  |  | As of December 31,
Assets |  | Classification |  | 2024 |  | 2023
Operating |  | Operating lease right-of-use assets |  | $ | 7,189 |  |  | $ | 8,518 |
Finance |  | Property and equipment, net |  | 2 |  |  | 27 |
Total leases |  |  |  | $ | 7,191 |  |  | $ | 8,545 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Operating lease liabilities |  | $ | 1,861 |  |  | $ | 2,052 |
Finance |  | Accrued expenses and other current liabilities |  | 3 |  |  | 26 |
Non Current |  |  |  |  |  |
Operating |  | Operating lease liabilities, non-current |  | 6,018 |  |  | 6,966 |
Finance |  | Other liabilities |  | — |  |  | 2 |
Total lease liabilities |  |  |  | $ | 7,882 |  |  | $ | 9,046 |
At December 31, 2024, the maturities of our remaining operating lease were as follows (in thousands, except years and percentages):
|  | Operating leases |  |  |  |
2025 |  | $ | 1,895 |  |  |  |  |
2026 |  | 1,935 |  |  |  |  |
2027 |  | 1,916 |  |  |  |  |
2028 |  | 1,562 |  |  |  |  |
2029 |  | 1,290 |  |  |  |  |
Thereafter |  | 186 |  |  |  |  |
Total minimum lease payments |  | 8,784 |  |  |  |  |
Less: Effects of discounting |  | 905 |  |  |  |  |
Present value of lease liabilities |  | $ | 7,879 |  |  |  |  |
Less: current portion |  | $ | 1,861 |  |  |  |  |
Long-term lease liabilities |  | $ | 6,018 |  |  |  |  |
Weighted-average remaining lease term as of December 31, 2024 (in years) |  | 4.7 |  |  |  |
Weighted-average incremental borrowing rate as of December 31, 2024 |  | 4.82 | % |  |  |  |
Weighted-average remaining lease term as of December 31, 2023 (in years) |  | 5.0 |  |  |  |
Weighted-average incremental borrowing rate as of December 31, 2023 |  | 4.51 | % |  |  |  |
The component of our lease costs included in our consolidated statements of operations were as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Lease cost |  |  |  |  |
Operating lease cost | $ | 2,696 |  |  | $ | 3,127 |  |  | 2,384 |
Other variable cost | 318 |  |  | 276 |  |  | 250 |
Finance lease cost | 26 |  |  | 38 |  |  | 17 |
Net lease cost | $ | 3,040 |  |  | $ | 3,441 |  |  | 2,651 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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 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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