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Leases | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Leases | Leases The Company has various noncancelable operating leases for its offices. These existing leases have remaining lease terms ranging from 1 to 5 years. Certain lease agreements contain renewal options, termination rights, rent abatement and/or escalation clauses with renewal terms that can extend the lease term from 5 to 10 years. The Company signed an operating lease on March 2, 2020 with a term of 128 months commencing on August 29, 2020. The Company had the option to terminate a portion of the leased building (“Partial Premises”) on the last day of the 12th month of the lease term for a fee. The Company was reasonably certain it would exercise the Partial Premises termination option at lease commencement and subsequently exercised this termination option. The Company cannot determine with reasonable certainty that any other options will be exercised and therefore only the Partial Premises termination option is considered when recording the Company’s operating lease ROU assets, operating lease liabilities or lease expense. In October 2024, the Company entered into a lease agreement for its new corporate headquarters. The lease commenced during the second quarter of 2025. At lease commencement, the Company recorded non-cash operating lease liabilities of $6.4 million arising from obtaining a right-of-use asset of $6.4 million as a result of the transaction. The lease has an initial term of 65 months expiring in October 2030, with an option to renew for one five-year period exercisable at the Company’s discretion. The components of lease cost related to the Company’s operating leases are as follows (in thousands):
| Year Ended December 31,
| 2025 | 2024 | 2023
Operating lease cost | $ | 3,809 |  | $ | 4,546 |  | $ | 4,933 |
Short-term lease cost | 52 |  | 186 |  | 189 |
Variable lease cost | 852 |  | 1,348 |  | 1,533 |
Sublease income | — |  | — |  | (507) |
Net lease cost | $ | 4,713 |  | $ | 6,080 |  | $ | 6,148 |
The Company made cash payments for amounts included in the measurement of operating lease liabilities of $4.1 million, $5.9 million, and $6.9 million, for the years ended December 31, 2025, 2024, and 2023, respectively. Such amounts are presented net of lease incentives received of $0.1 million for the year ended December 31, 2025. For the years ended December 31, 2024 and 2023, no lease incentives were received. Supplemental information related to the Company’s operating leases is as follows:
| December 31,
| 2025 | 2024 | 2023
Weighted-average remaining lease term | 4.9 years | 5.0 years | 5.0 years
Weighted-average incremental borrowing rate | 6.1 | % | 5.1 | % | 5.1 | %
Future undiscounted lease payments for the Company’s operating lease liabilities and a reconciliation of these payments to its operating lease liabilities as of December 31, 2025 are as follows (in thousands):
2026 | $ | 2,926 |
2027 | 2,910 |
2028 | 2,898 |
2029 | 2,978 |
2030 | 2,773 |
Thereafter | 456 |
Total lease payments | 14,941 |
Less: imputed interest | (2,040) |
Present value of operating lease liabilities | $ | 12,901 |

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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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