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Leases

6 Months Ended

Jun. 30, 2025

6.Leases

In January 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 June 30, 2025, the remaining lease term of the Sublease was 3.4 years.

As of June 30, 2025, minimum lease payments under the Company’s operating leases are summarized as follows (in thousands):


Year Ending December 31,	Amount
2025		663
2026		1,608
2027		1,640
2028		1,531
Total lease payments	$	5,442
Less: imputed interest		(676)
Total operating lease liabilities	$	4,766

Rent expense was $0.4 million and $0.8 million for the three and six months ended June 30, 2025, respectively, and $0.3 million and $0.4 million for the three and six months ended June 30, 2024, respectively. Lease payments were $0.4 million and $0.8 million for the three and six months ended June 30, 2025, respectively, and $0.3 million and $0.4 million for the three and six months ended June 30, 2024, respectively.