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Leases (Tables) | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Summary of Company's Lease Information | For the three and six months ended June 30, 2025 and 2024, a summary of the Company’s lease information is shown below:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Operating lease costs |  | $ | 166 |  |  | $ | 195 |  |  | $ | 360 |  |  | $ | 389 |
Other information: |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for operating leases |  | $ | 148 |  |  | $ | 196 |  |  | $ | 349 |  |  | $ | 390 |
Right-of-use assets obtained in exchange for new operating lease liabilities(1) |  | $ | 1,153 |  |  | $ | - |  |  | $ | 1,153 |  |  | $ | - |
(1) The New Seattle Lease Agreement resulted in the recognition of $1,153 in right-of-use assets obtained in exchange for operating lease liabilities as of May 1, 2025. The Company applied a 6.0% discount rate, its estimated incremental borrowing rate for similar secured assets, to determine the present value of the lease payments, as the implicit rate in the lease is not readily determinable. The discount rate was based on information available as of the Commencement Date.
Scheduled Future Maturities and Present Value of Operating Lease Liabilities | As of June 30, 2025, scheduled future maturities and present value of the operating lease liabilities are as follows:
(In thousands) |  |  |
Year |  | June 30, 2025 |
Remainder of 2025 |  |  | 256 |
2026 |  |  | 519 |
2027 |  |  | 737 |
2028 |  |  | 859 |
2029 |  |  | 596 |
2030 and thereafter |  |  | 663 |
Total maturities |  | $ | 3,630 |
Present value included in condensed consolidated balance sheet: |  |  |
Current portion of operating lease liabilities |  | $ | 411 |
Noncurrent operating lease liabilities |  |  | 2,520 |
Total operating lease liabilities |  | $ | 2,931 |
Difference between the maturities and related present value of operating lease liabilities |  | $ | 699 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- References No definition available. + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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