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Note 11 - Leases

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 11 — Leases

The Company recognizes a right-of-use (“ROU”) asset and a lease liability on the balance sheet for substantially all leases, including operating leases, and separates lease components from non-lease components related to its office space lease.

In May 2025, the Company entered into an amendment to its office lease agreement to expand its office space, from 5,507 square feet, to 8,079 square feet and to renew its lease term. The amendment to the lease agreement is effective September 1, 2025 and the renewal period for the office lease is for a sixty-five month period through January 2031 and which includes tenant improvement allowances. The Company removed its existing ROU asset and liability and recorded $330 in ROU assets, $189 in tenant improvement allowances and $519 in operating lease liabilities in association with the lease extension.

The Company’s operating lease cost for the nine months ended September 2025 and 2024 as presented as G&A in the Condensed Statements of Operations was $36 and $61, respectively. For the nine months ended September 30, 2025 and 2024, cash paid for amounts included in the measurement of operating lease liabilities was $68 and $35, respectively. The ROU asset non-cash lease expense for the nine months ended September 30, 2025 and 2024 was $35 and $53, respectively, and is reflected within non-cash lease expense on the Company’s Condensed Statements of Cash Flows. 

The table below presents the lease-related assets and liabilities recorded on the balance sheet as of September 30, 2025 and December 31, 2024 (in thousands).

			September 30,				December 31,
Assets	Classification		2025				2024
Operating lease right-of-use assets	Operating lease right-of-use assets, net		$	319			$	175
Total leased assets			$	319			$	175
Liabilities
Operating lease liabilities, current	Accrued liabilities		$	30			$	76
Operating lease liabilities, noncurrent	Operating lease liabilities, net of current portion			480				107
Total operating lease liabilities			$	510			$	183

The Company’s future lease commitments as of September 30, 2025, are as indicated below:

		Total				2025 (Remainder)				2026				2027				2028				2029				2030 and thereafter
Undiscounted lease payments		$	725			$	22			$	127			$	135			$	139			$	143			$	159
Less: Imputed interest			(215	)
Total lease liabilities		$	510

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- References

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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

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