XML 24 R14.htm IDEA: XBRL DOCUMENT v3.25.1
Operating Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Operating Leases Operating Leases
The Company maintains an operating lease for its corporate headquarters in Newport Beach, California. On October 16, 2024, the Company entered into an amendment to lease additional office space for its corporate headquarters. The lease is expected to commence on or around the second half of 2025 and is set to expire January 31, 2030. Fixed cash payments under this amendment are estimated to be $1,876 over the term of the lease. The Company expects to account for this lease an operating lease.
The Company’s lease agreement does not contain any residual value guarantees or material restrictive covenants. The payments associated with the renewal will only be included in the measurement of the lease liability and ROU assets if the exercise of the renewal option is determined to be reasonably certain. The Company considers the timing of the renewal period and other economic factors such as the financial implications of a decision to extend or not to extend a lease in determining if the renewal option is reasonably certain to be exercised.
The components of operating lease expense are as follows:
Three Months Ended
March 31,
20252024
Fixed operating lease expense$471 $328 
Variable operating lease expense49 35 
$520 $363 
The weighted-average remaining lease term and discount rate are as follows:
As of March 31,
20252024
Weighted-average remaining lease term (years)4.85.8
Weighted-average discount rate9.7 %11.0 %
Cash paid for amounts included in the measurement of lease liabilities
$281$341
Operating lease expenses were included in the selling, general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive loss. Operating lease right-of-use assets and related current and noncurrent operating lease liabilities are presented in the accompanying condensed consolidated balance sheets.
The following table presents the future minimum payments under the operating lease agreements with non-cancelable terms as of March 31, 2025:
Fiscal year
Remaining in 2025$1,436 
20262,138 
20272,212 
20282,290 
20292,370 
Thereafter198 
Total operating lease payments10,644 
Less: imputed interest(2,250)
Present value of operating lease liabilities$8,394