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LEASES | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
LEASES | LEASES The following table provides additional details of our facility leases presented in our condensed balance sheets:
($ in thousands) |  |  |
Facilities | March 31, 2025 |  | December 31, 2024
Right-of-use assets | $ | 3,670 |  | $ | 2,380
Current portion of lease liabilities | 1,302 |  | 1,562
Operating lease liability, net of current portion | 2,505 |  | 1,023
Total lease liabilities | $ | 3,807 |  | $ | 2,585
Weighted-average remaining term (in years) | 2.8 |  | 1.8
Weighted-average discount rate | 6.0 | % |  | 6.5 | %
The lease costs, which are included in operating expenses in our condensed statements of operations and comprehensive loss, were as follows:
| Three Months Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Operating lease expense | $ | 977 |  |  | $ | 1,046 |  |  |  |  |
Cash paid for operating leases | $ | 1,047 |  |  | $ | 1,166 |  |  |  |  |
The following table summarizes our undiscounted cash payment obligations for our operating lease liabilities as of March 31, 2025:
(in thousands) | Operating Leases
Remainder of 2025 | $ | 1,145 |
2026 | 1,480 |
2027 | 1,043 |
2028 | 469 |
2029 | 21 |
Thereafter | — |
Total undiscounted operating lease payments | 4,158 |
Imputed interest expenses | (351) |
Total operating lease liabilities | 3,807 |
Less: Current portion of operating lease liability | (1,302) |
Operating lease liability, net of current portion | $ | 2,505 |

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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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