Leases

9 Months Ended

Sep. 30, 2025

Lessee Arrangements

The Company has operating leases for its office space, which have remaining lease terms of up to six years. The Company does not have finance leases.

Some of these leases include renewal options to extend the leases for up to five years and/or termination options to terminate the leases within one year. If it is reasonably certain that a renewal or termination option will be exercised, the exercise of the option is considered in calculating the term of the lease.

As of September 30, 2025, the Company's operating leases had a weighted-average remaining lease term of approximately five years and a weighted-average incremental borrowing rate of 4.1%. As of December 31, 2024, the Company's operating leases had a weighted-average remaining lease term of approximately six years and a weighted-average incremental borrowing rate of 4.1%.

Cash paid for amounts included in operating lease liabilities was $1.6 million and $4.0 million for the three and nine months ended September 30, 2025, respectively, and $1.4 million and $3.8 million for the three and nine months ended September 30, 2024, respectively.

The components of lease cost were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease cost	$	1,373	$	1,030	$	3,899	$	3,486
Short-term lease cost	230		325		491		373
Variable lease cost	—		—		—		—
Total lease cost	$	1,603	$	1,355	$	4,390	$	3,859

As of September 30, 2025, the Company had a remaining contractual obligation of $1.2 million related to a short-term lease to be paid over the following 1.4 years. The effective term of this lease is based on the cumulative days available for use throughout the contractual term, which is less than one year. The cost for this lease is included in the disclosure of short-term lease cost. This lease and other of our short-term leases are not recorded on the Company's condensed consolidated balance sheet due to our accounting policy election for short-term leases.

Future minimum lease payments were as follows:


	As of September 30,
Year	2025
Remainder of 2025	$	1,315
2026	5,662
2027	5,449
2028	4,117
2029	3,563
Thereafter	4,619
Total undiscounted future lease payments	24,725
Less: Imputed interest	(2,097)
Present value of operating lease liabilities	22,628
Less: Operating lease liabilities, current	(4,896)
Operating lease liabilities, noncurrent	$	17,732