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Operating Leases | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Operating Leases | Operating Leases The Company’s leases primarily include office space for its corporate headquarters. The Company’s former headquarters lease expired in October 2025. In November 2024, the Company executed a noncancelable operating lease for a new headquarters space that expires in February 2036. The new headquarters lease commenced during 2025, and the Company recognized an initial long-term lease liability of $24.2 million, an operating lease asset of $11.0 million, and a lease incentive receivable of $13.2 million. The lease incentive receivable is the amount for which the landlord will reimburse the Company for certain leasehold improvements provided for under the lease agreement. The new lease includes options to extend through 2056 that the Company is not reasonably certain to exercise and are excluded from the lease term. The lease also contains provisions for variable property-related costs for which the Company is responsible, including common area maintenance, property taxes, and insurance. The components of lease cost are as follows (in thousands):
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
Operating lease cost | $ | 2,788 |  |  | $ | 1,078 |  |  | $ | 1,078 |
Short-term lease cost | 60 |  |  | 36 |  |  | 34 |
Variable lease cost | 1,358 |  |  | 1,277 |  |  | 1,267 |
Total lease cost, net | $ | 4,206 |  |  | $ | 2,391 |  |  | $ | 2,379 |
Supplemental cash flow information related to operating leases was as follows (in thousands):
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases | $ | 1,616 |  |  | $ | 1,908 |  |  | $ | 1,854 |
Right-of-use assets obtained in exchange for lease obligations | $ | 10,951 |  |  | $ | — |  |  | $ | — |
Supplemental balance sheet information related to operating leases was as follows (in thousands, except weighted average information):
|  |  | December 31,
| Classification |  | 2025 |  | 2024
Assets: |  |  |  |  |
Right-of-use assets – current | Prepaid expenses and other current assets |  | $ | — |  |  | $ | 831 |
Lease incentive receivable | Prepaid expenses and other current assets |  | 520 |  |  | — |
Right-of-use assets – long-term | Operating lease assets |  | 9,901 |  |  | — |
Total lease assets |  |  | $ | 10,421 |  |  | $ | 831 |
Liabilities: |  |  |  |  |
Operating lease liabilities – current | Other current liabilities |  | $ | 268 |  |  | $ | 1,549 |
Operating lease liabilities – long-term | Operating lease liabilities, long-term |  | 25,501 |  |  | — |
Total lease liabilities |  |  | $ | 25,769 |  |  | $ | 1,549 |
The weighted average remaining lease term and discount rate were as follows:
| December 31, 2025
Weighted average remaining lease term (in years) | 10.2
Weighted average discount rate | 6.70 | %
Future maturities of lease liabilities as of December 31, 2025 are as follows:
Year ending December 31, | In thousands
2026 | $ | 1,997 |
2027 | 2,805 |
2028 | 3,581 |
2029 | 3,671 |
2030 | 3,762 |
Thereafter | 20,991 |
Total minimum lease payments | 36,807 |
Less: imputed interest | 11,038 |
Present value of lease liabilities | $ | 25,769 |

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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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