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LEASES
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
LEASES LEASES
COMPANY AS LESSEE
The Company is a party to a non-cancellable operating lease agreement for office space, which expires in 2033. The Company’s operating lease for this office space includes fixed rent payments and variable lease payments, which are primarily related to common area maintenance and utility charges. The Company elected not to separate lease and non-lease components, and as such, all amounts paid under the lease are classified as either fixed or variable lease payments. The Company has determined that no renewal clauses are reasonably certain of being exercised and therefore has not included any renewal periods within the lease term for this lease.
As of September 30, 2025, the Company held operating lease ROU assets of $2.8 million. Current lease liabilities were $0.4 million, and are included within accrued expenses and other liabilities on the consolidated balance sheets. Non-current lease liabilities were $3.6 million. In measuring these operating lease liabilities, the Company used a weighted average discount rate of 4.4% as of September 30, 2025. The weighted average remaining lease term as of September 30, 2025, was 7.42 years.
Components of Lease Cost
For the three and nine months ended September 30, 2025, the Company’s total operating lease cost was comprised of the following:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)
2025202420252024
Operating lease cost$119 $120 $358 $358 
Variable lease cost26 14 47 37 
Total lease cost$145 $134 $405 $395 
Maturity of Lease Liabilities
As of September 30, 2025, maturities of the Company’s operating lease liabilities, which do not include short-term leases and variable lease payments, were as follows:
(In thousands)
Three remaining months of 2025 $145 
2026585 
2027600 
2028615 
2029630 
Thereafter2,101 
Total lease payments$4,676 
Less: imputed interest(686)
Present value of total lease liabilities$3,990 
COMPANY AS LESSOR
The Company subleases a portion of its office space to a related party and accounts for the arrangement as an operating lease. Related party sublease rental income is recognized on a straight-line basis and is included in Interest and other income (expense) in the accompanying consolidated statements of operations. For the three and nine months ended September 30, 2025, operating lease income from the Company’s sublease was less than $0.1 million. As of September 30, 2025, total remaining future minimum lease payments receivable on the Company’s sublease were $0.2 million.