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Leases | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Leases | 13. LEASES The Company currently leases office space to conduct business operations. Lease renewal options are regularly evaluated, and when the exercise of an option is reasonably certain, the Company includes the renewal period in the lease term. The lease does not specify an implicit rate. Based on information available at the lease commencement date, the Company uses the incremental borrowing rate in order to determine the present value of lease payments. In November 2023, the Company entered into a lease amendment extending the lease by 12 months, through December 31, 2024. The amendment also included two additional 12-month extension options. Each option was exercised by providing written notice to the landlord at least nine months in advance. In April 2024, the Company exercised the first extension option, extending the lease through December 2025. The extension was reflected in the financial statements as of December 31, 2023. In April 2025, the Company exercised the second extension option, further extending the lease through December 2026. The extension is reflected on the balance sheet as of March 31, 2025. As of March 31, 2025, the Company maintained an unamortized Right-Of-Use asset with a corresponding operating lease liability of approximately $0.5 million based on the present value of the minimum rental payments in accordance with ASC Topic 842, Leases. The weighted average discount rate used for leases as of March 31, 2025 is 9.1%. The weighted average remaining lease term as of March 31, 2025 was 1.75 years. The operating lease expense for the three months ended March 31, 2025 was $67.8 thousand. Maturities and balance sheet presentation of the Company’s lease liabilities for all operating leases as of March 31, 2025 is as follows:
2025 remaining total lease payments |  | $ | 508,461 |
Less: effect of discounting |  |  | (40,350 | )
Present value of lease liabilities |  | $ | 468,111 |
Current operating lease liabilities |  | $ | 255,342 |
Non-current operating lease liabilities |  | $ | 212,769 |
Total |  | $ | 468,111 |
The Company’s gross future minimum payments under all non-cancelable operating leases as of March 31, 2025, are:
|  | Total |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |
Operating Lease Obligations |  | $ | 508,461 |  |  | $ | 213,904 |  |  | $ | 294,557 |  |  | $ | — |  |  | $ | — |

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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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