Our principal executive offices are located in New York, New York, where we lease approximately 7,900 square feet of office space under a lease that terminates in 2027, with an option for us to extend the lease for an additional five years which is not reasonably assured of exercise, and in San Francisco, where we lease approximately 19,418 square feet of office space that terminates in 2029. We also occupy office space located in Burlington, Massachusetts, where we lease approximately 2,235 square feet of office space under a lease that terminates in 2027, as well as a total of approximately 1,735 square meters of office space in the People’s Republic of China, in the cities of Beijing, Guangzhou, Hangzhou and Shanghai, under leases that terminate in 2026 through 2027.

Operating lease expense was $2.5 million and $1.7 million for the years ended December 31, 2024 and 2023, respectively. Expense related to variable leases was not significant for the years ended December 31, 2024 and 2023. Operating cash flows for the year ended December 31, 2024 and 2023 included $2.6 million and $1.7 million, respectively.

The following table presents the future minimum lease analysis of the Company's operating lease liabilities showing the aggregate lease payments as of December 31, 2024.


	December 31, 2024
	(In thousands)
2025	$	1,767
2026		837
2027		171
Total undiscounted lease payments		2,775
Less: imputed interest		(143	)
Total operating lease liabilities	$	2,632

The weighted average incremental borrowing rate used to determine the operating lease liabilities was 7.0%. The Company's weighted average remaining lease term was 1.63 years as of December 31, 2024.