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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | 5. Leases The Company entered into a lease for office space in New Haven, Connecticut, effective March 1, 2013, and entered into a First Amendment (the “First Amendment”) to such lease on December 5, 2017 and a Second Amendment (the “Second Amendment”) to such lease on November 21, 2022 (collectively, the “Office Space Lease”). The leased space approximated 5,600 square feet and, prior to the Second Amendment, the Office Space Lease had a term of 60 months expiring on February 28, 2023. Under the First Amendment, the Company was required to make monthly payments ranging from approximately $10 to $12 through February 1, 2023 and received two designated months of free rent. As a result of the Company entering into the Second Amendment, the leased space increased to 12,500 square feet effective in March 2023 and the term for the Office Space Lease was extended for an additional 60 months from its prior termination date, until February 28, 2028. The Second Amendment requires monthly payments ranging from approximately $23 to $32 effective in March 2023 through February 2028. The first year of payments are based on 10,500 square feet of occupied space, the second year of payments are based on 11,500 square feet of occupied space and the remaining lease payments are based on 12,500 square feet of occupied space. In December 2022, the Company entered into a 24-month lease for the financing of the furniture installed in the Company’s new office space. The furniture lease requires monthly payments of approximately $11 starting in March 2023. The following table presents the Company's lease-related assets and liabilities as presented on its Condensed Consolidated Balance Sheets:
|  | Classification on the Condensed Consolidated Balance Sheet |  | September 30, 2025 |  |  | December 31, 2024 |
Assets: |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 741 |  |  | $ | 915 |
Finance lease assets |  | Finance lease right-of-use assets |  |  | — |  |  |  | 157 |
Total lease assets |  |  |  | $ | 741 |  |  | $ | 1,072 |
Liabilities: |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liabilities, current portion |  | $ | 296 |  |  | $ | 254 |
Finance lease liabilities |  | Finance lease liabilities, current portion |  |  | — |  |  |  | 31 |
Non-current |  |  |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liabilities, non-current portion |  |  | 527 |  |  |  | 747 |
Total lease liabilities |  |  |  | $ | 823 |  |  | $ | 1,032 |
The following table presents information related to the Company's lease expense for the periods shown:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Operating lease expense |  | $ | 86 |  |  | $ | 85 |  |  | $ | 257 |  |  | $ | 256 |
Finance lease expense |  |  | — |  |  |  | 12 |  |  |  | 12 |  |  |  | 36 |
Total lease expense |  | $ | 86 |  |  | $ | 97 |  |  | $ | 269 |  |  | $ | 292 |
Future minimum lease payments from September 30, 2025 until the expiration of the leases are as follows:
|  | Operating Leases |
2025 |  | $ | 91 |
2026 |  |  | 371 |
2027 |  |  | 380 |
2028 |  |  | 95 |
Total minimum lease payments |  |  | 937 |
Less: Amount of lease payments representing interest |  |  | (114 | )
Present value of future minimum lease payments |  | $ | 823 |
The following table presents certain information related to the lease terms and discount rates for the Company's leases:
|  | September 30, 2025 |  |  | December 31, 2024 |
Weighted average remaining lease term: |  |  |  |  |  |
Operating leases |  | 2.5 years |  |  | 3.3 years |
Finance leases |  |  | — |  |  | 0.3 years |
Weighted average discount rate: |  |  |  |  |  |
Operating leases |  |  | 10.91 | % |  |  | 11.00 | %
Finance leases |  |  | — |  |  |  | 4.37 | %
The following table presents supplemental cash flow information related to the Company's leases for the periods shown:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash outflows relating to operating leases |  | $ | 91 |  |  | $ | 78 |  |  | $ | 260 |  |  | $ | 224 |
Finance lease payments |  | $ | — |  |  | $ | 32 |  |  | $ | 11 |  |  | $ | 95 |
Supplemental non-cash information: |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | — |

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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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