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Leases

12 Months Ended

Dec. 31, 2024

6.Leases

The Company has various leases for office space, which are accounted for as operating leases and generally have terms of less than two years in length, some of which have the option to renew. The Company recognizes monthly operating lease expense on a straight-line basis over the term of the lease as general and administrative expenses in the consolidated statements of operations and comprehensive loss. Variable lease expense relates primarily to office lease common area maintenance, insurance, and property taxes, is expensed as incurred, and is excluded from the

calculation of the lease liabilities and right-of-use assets. For each of the years ended December 31, 2024 and 2023, the Company incurred variable lease expense of $0.1 million, respectively.

Supplemental balance sheet information related to operating lease assets and liabilities was as follows (in thousands):


	December 31,
		2024		2023
Operating lease assets	$	1,004	$	821
Operating lease liabilities	$	1,003	$	813
Weighted average remaining term in years		1.3		1.6
Weighted average discount rate used to measure lease liabilities		10.99%		18.39%

For each of the years ended December 31, 2024 and 2023, the total lease cost for operating leases (recorded in general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss) was $0.9 million, respectively.

The minimum lease payments under the Company’s operating leases are expected to be as follows:


Fiscal Year	Amount
2025	$	896
2026		241
Thereafter		—
Total future minimum lease payments		1,137
Less: imputed interest		(134)
Total operating lease liabilities	$	1,003

During the year ended December 31, 2024, the amount of right-of-use assets obtained under new operating lease arrangements was $1.1 million. There were no right-of-use assets obtained under new operating lease arrangements during the year ended December 31, 2023. Cash paid for lease liabilities was $0.9 million for the years ended December 31, 2024 and 2023, respectively.