Leases

3 Months Ended

Mar. 31, 2025

The Company leases office space with lease terms ranging from one to six years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease.

The Company has determined its leases should be classified as operating leases. Variable lease costs are comprised primarily of the Company's proportionate share of operating expenses, property taxes, and insurance and are classified as lease cost due to the Company's election to not separate lease and non-lease components. The Company incurred operating lease costs of $1.1 million for the three months ended March 31, 2025, and $1.3 million for the three months ended March 31, 2024. The Company also incurred variable lease costs of $0.1 million for the three months ended March 31, 2025, and $0.2 million for the three months ended March 31, 2024.

Cash paid for amounts included in the measurement of operating lease liabilities was $1.2 million for the three months ended March 31, 2025 and $1.5 million for the three months ended March 31, 2024. These amounts were included in net cash provided by operating activities in the Company's consolidated statements of cash flows.

As of March 31, 2025, the maturities of the Company's operating lease liabilities were as follows:


	Operating Leases
Year Ended December 31,	(in thousands)
2025 (remainder of the year)	$	3,408
2026	4,125
2027	2,869
2028	4,023
2029	1,693

Total lease payments	$	16,118
Less: imputed interest	$	(1,611)
Present value of operating lease liabilities	$	14,507
Operating lease liabilities, current	$	3,815
Operating lease liabilities, non-current	$	10,692

The weighted average remaining operating lease term and the weighted average discount rate used to determine the operating lease liability were as follows:


	As of March 31, 2025		As of December 31, 2024
Weighted-average remaining lease term of operating leases	4.0 years		4.2 years
Weighted-average discount rate of operating leases	5.4	%	5.3	%