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v3.25.1

Leases | 3 Months Ended
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Mar. 31, 2025
Leases |
Leases | 6.Leases On January 3, 2024, the Company entered into a sublease agreement (the “Sublease”) with Duck Creek Technologies LLC to occupy 30,110 square feet of office space in Boston, Massachusetts to replace its existing office space. The Sublease commenced on June 1, 2024 and will end on November 30, 2028 (or on such earlier date as the term may cease or expire as set forth in the Sublease). The Company concluded that the Sublease was an operating lease and recognized a lease liability and right-of-use (“ROU”) asset of approximately $5.8 million at the inception of the Sublease. The lease liability represents the present value of the remaining lease payments, discounted using the Company’s estimated incremental borrowing rate of 7.49%. The ROU asset represents the lease liability adjusted for any prepaid and accrued rent payments. The Sublease is secured by a security deposit of $0.4 million. As of March 31, 2025, the remaining lease term of the Sublease was 3.7 years. As of March 31, 2025, minimum lease payments under the Company’s operating leases are summarized as follows (in thousands):
​ | ​ | ​ | ​
Year Ending December 31, |  | Amount
2025 | ​ | ​ | 1,055
2026 | ​ | ​ | 1,608
2027 | ​ | ​ | 1,640
2028 | ​ | ​ | 1,531
Total lease payments | ​ | $ | 5,834
Less: imputed interest | ​ | ​ | (771)
Total operating lease liabilities | ​ | $ | 5,063
​ Rent expense was $0.4 million and $0.2 million for the three months ended March 31, 2025 and 2024, respectively. Lease payments were $0.4 million and $0.2 million for the three months ended March 31, 2025 and 2024, respectively.

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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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