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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,
AssetsClassification
2024
2023
OperatingOperating lease right-of-use assets$7,189 $8,518 
FinanceProperty and equipment, net2 27 
Total leases$7,191 $8,545 
Liabilities
Current
Operating Operating lease liabilities$1,861 $2,052 
FinanceAccrued expenses and other current liabilities3 26 
Non Current
Operating Operating lease liabilities, non-current6,018 6,966 
FinanceOther 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 
20261,935 
20271,916 
20281,562 
20291,290 
Thereafter186 
Total minimum lease payments8,784 
Less: Effects of discounting905 
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, 20244.82 %
Weighted-average remaining lease term as of December 31, 2023 (in years)5.0
Weighted-average incremental borrowing rate as of December 31, 20234.51 %
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 cost318 276 250 
Finance lease cost26 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,
AssetsClassification
2024
2023
OperatingOperating lease right-of-use assets$7,189 $8,518 
FinanceProperty and equipment, net2 27 
Total leases$7,191 $8,545 
Liabilities
Current
Operating Operating lease liabilities$1,861 $2,052 
FinanceAccrued expenses and other current liabilities3 26 
Non Current
Operating Operating lease liabilities, non-current6,018 6,966 
FinanceOther 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 
20261,935 
20271,916 
20281,562 
20291,290 
Thereafter186 
Total minimum lease payments8,784 
Less: Effects of discounting905 
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, 20244.82 %
Weighted-average remaining lease term as of December 31, 2023 (in years)5.0
Weighted-average incremental borrowing rate as of December 31, 20234.51 %
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 cost318 276 250 
Finance lease cost26 38 17 
Net lease cost$3,040 $3,441 2,651