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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | Leases The Company has a real estate lease for the use of office space. The table below presents supplemental information related to the operating lease:
| Nine Months Ended September 30,
| 2025 |  | 2024
Operating lease costs during the year (1) | $ | 422 |  |  | $ | 308 |
Cash payments included in the measurement of operating lease liabilities during the period (2) | $ | — |  |  | $ | 916 |
Operating lease liability arising from obtaining lease right-of-use assets during the period | $ | — |  |  | $ | 2,583 |
Weighted-average remaining lease term (in years) as of period-end | 5.17 |  | 6.17
Weighted-average discount rate during the period | 10.90 | % |  | 10.85 | %
(1)Operating lease costs are presented net of sublease income that is not material. (2)There were no cash payments included in the measure of operating lease liabilities during the period since the Company has a deferral period through January 2026 before any cash payments are required under a lease with an effective date of April 1, 2024 and an initial lease term of 6.67 years. The Company generally utilizes its incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments since the implicit rate for the Company’s leases is not readily determinable. Variable lease expense includes rental increases that are not fixed, such as those based on amounts paid to the lessor based on cost or consumption, such as maintenance and utilities. The components of operating lease costs were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease costs: |  |  |  |  |  |  |
General and administrative | $ | 140 |  |  | $ | 150 |  |  | $ | 422 |  |  | $ | 682 |
Total operating costs | 140 |  |  | 150 |  |  | 422 |  |  | 682 |
Sublease income | — |  |  | (125) |  |  | — |  |  | (374) |
Total operating lease costs, net | $ | 140 |  |  | $ | 25 |  |  | $ | 422 |  |  | $ | 308 |
Maturities of the operating lease liabilities as of September 30, 2025 are summarized as follows:
Years Ending December 31, |
2025 (remaining three months of the year) | $ | — |
2026 | 652 |
2027 | 652 |
2028 | 652 |
2029 | 652 |
Thereafter | 596 |
Minimum lease payments | 3,204 |
Less imputed interest | (798) |
Present value of operating lease liabilities | 2,406 |
Current portion of operating lease liabilities | 380 |
Long-term portion of operating lease liabilities | 2,026 |
Total operating lease liabilities | $ | 2,406 |

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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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