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Leases (Tables)

6 Months Ended

Jun. 30, 2025

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