Leases

12 Months Ended

Dec. 31, 2025

Our leases consist of operating lease agreements principally related to our corporate and subsidiary office locations. Currently, we do not enter into any financing lease agreements. Our leases have remaining lease terms of less than 1 year to approximately 7 years, some of which generally include renewal options of varying terms.

Our total lease expense amounted to approximately $2.6 million, $3.7 million, and $3.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. Our lease expense is generally based on fixed payments stated within the agreements. Any variable payments for non-lease components and other short term lease expenses are not considered material.

In line with our plan to exit our operational activities in China, we provided notice of early termination for our office facility lease to the lessor during the third quarter of 2025. Consequently, both the operating lease right-of-use asset and the corresponding lease liability were remeasured based on the modified lease term and early termination conditions, and were subsequently terminated as of December 31, 2025. Refer to Note 23—Restructuring and Other Charges for further information regarding our China subsidiary.

Additional Information

Additional information related to our right of use assets and related lease liabilities is as follows:


	Year Ended December 31,
	2025			2024			2023

Cash paid for operating lease liabilities (in thousands)	$	3,293		$	3,736		$	2,884
Weighted average remaining lease term (years)	6.3			4.3			3.9
Weighted average discount rate	5.3		%	3.9		%	5.1		%

Note 20—Leases (continued)

Maturities of our operating lease liabilities as of December 31, 2025 is as follows:


	Operating Leases
	(In thousands)
2026	$	441
2027	412
2028	276
2029	271
2030	278
Thereafter	626
Total	2,304
Less: imputed interest	(380)
Total lease liabilities	$	1,924