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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2024
Disclosure Text Block [Abstract] |
Commitments and Contingencies Disclosure | COMMITMENTS AND CONTINGENCIES Lease Commitments We have entered into office space lease agreements, which qualify as operating leases under ASU No. 2016-02, “Leases (Topic 842)”. Under such leases, we have commitments to pay annual minimum (base) rent. The leases have original terms (excluding extension options) ranging from one year to ten years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We record base rent expense under the straight-line method over the term of the lease. In the accompanying Consolidated Statements of Comprehensive Loss, rent expense is included in operating expenses under general and administrative expenses. The components of the rent expense for the years ended December 31, 2024 and 2023, are as follows (in thousands):
| 2024 |  | 2023
Operating lease cost | $ | 1,948 |  |  | $ | 2,397 |
Sublease income | (4) |  |  | (18) |
Net rent expense | $ | 1,944 |  |  | $ | 2,379 |
For purposes of calculating the operating lease assets and lease liabilities, extension options are not included in the lease term unless it is reasonably certain we will exercise the option, or the lessor has the sole ability to exercise the option. The weighted average discount rate of our operating leases is 10% as of December 31, 2024 and 2023. The weighted average remaining lease term is four years and five years as of December 31, 2024 and 2023, respectively. Supplemental cash flow information related to operating leases for the years ended December 31, 2024 and 2023, are as follows (in thousands):
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash outflows from operating leases | $ | 2,106 |  |  | $ | 2,556 |
Non-cash operating activities: |  |  |
Operating lease assets obtained or removed in exchange for new, modified or terminated operating lease liabilities | $ | 419 |  |  | $ | (546) |
Future minimum commitments over the life of all operating leases, which exclude variable rent payments, are as follows (in thousands):
2025 | $ | 1,866 |
2026 | 1,302 |
2027 | 1,088 |
2028 | 1,023 |
2029 | 683 |
Thereafter | 235 |
Total minimum lease payments | 6,197 |
Less: imputed interest | (1,181) |
Total lease liabilities | $ | 5,016 |
Contingencies Although we have been, are, and in the future may be, the defendant or plaintiff in various actions arising in the normal course of business, as of December 31, 2024, we were not currently a party to any material legal proceedings
Commitments Disclosure | Lease Commitments We have entered into office space lease agreements, which qualify as operating leases under ASU No. 2016-02, “Leases (Topic 842)”. Under such leases, we have commitments to pay annual minimum (base) rent. The leases have original terms (excluding extension options) ranging from one year to ten years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We record base rent expense under the straight-line method over the term of the lease. In the accompanying Consolidated Statements of Comprehensive Loss, rent expense is included in operating expenses under general and administrative expenses. The components of the rent expense for the years ended December 31, 2024 and 2023, are as follows (in thousands):
| 2024 |  | 2023
Operating lease cost | $ | 1,948 |  |  | $ | 2,397 |
Sublease income | (4) |  |  | (18) |
Net rent expense | $ | 1,944 |  |  | $ | 2,379 |
For purposes of calculating the operating lease assets and lease liabilities, extension options are not included in the lease term unless it is reasonably certain we will exercise the option, or the lessor has the sole ability to exercise the option. The weighted average discount rate of our operating leases is 10% as of December 31, 2024 and 2023. The weighted average remaining lease term is four years and five years as of December 31, 2024 and 2023, respectively. Supplemental cash flow information related to operating leases for the years ended December 31, 2024 and 2023, are as follows (in thousands):
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash outflows from operating leases | $ | 2,106 |  |  | $ | 2,556 |
Non-cash operating activities: |  |  |
Operating lease assets obtained or removed in exchange for new, modified or terminated operating lease liabilities | $ | 419 |  |  | $ | (546) |
Future minimum commitments over the life of all operating leases, which exclude variable rent payments, are as follows (in thousands):
2025 | $ | 1,866 |
2026 | 1,302 |
2027 | 1,088 |
2028 | 1,023 |
2029 | 683 |
Thereafter | 235 |
Total minimum lease payments | 6,197 |
Less: imputed interest | (1,181) |
Total lease liabilities | $ | 5,016 |
Legal Matters and Contingencies | Contingencies Although we have been, are, and in the future may be, the defendant or plaintiff in various actions arising in the normal course of business, as of December 31, 2024, we were not currently a party to any material legal proceedings
Lessee, Operating Leases | Lease Commitments We have entered into office space lease agreements, which qualify as operating leases under ASU No. 2016-02, “Leases (Topic 842)”. Under such leases, we have commitments to pay annual minimum (base) rent. The leases have original terms (excluding extension options) ranging from one year to ten years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We record base rent expense under the straight-line method over the term of the lease. In the accompanying Consolidated Statements of Comprehensive Loss, rent expense is included in operating expenses under general and administrative expenses. The components of the rent expense for the years ended December 31, 2024 and 2023, are as follows (in thousands):
| 2024 |  | 2023
Operating lease cost | $ | 1,948 |  |  | $ | 2,397 |
Sublease income | (4) |  |  | (18) |
Net rent expense | $ | 1,944 |  |  | $ | 2,379 |
For purposes of calculating the operating lease assets and lease liabilities, extension options are not included in the lease term unless it is reasonably certain we will exercise the option, or the lessor has the sole ability to exercise the option. The weighted average discount rate of our operating leases is 10% as of December 31, 2024 and 2023. The weighted average remaining lease term is four years and five years as of December 31, 2024 and 2023, respectively. Supplemental cash flow information related to operating leases for the years ended December 31, 2024 and 2023, are as follows (in thousands):
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash outflows from operating leases | $ | 2,106 |  |  | $ | 2,556 |
Non-cash operating activities: |  |  |
Operating lease assets obtained or removed in exchange for new, modified or terminated operating lease liabilities | $ | 419 |  |  | $ | (546) |
Future minimum commitments over the life of all operating leases, which exclude variable rent payments, are as follows (in thousands):
2025 | $ | 1,866 |
2026 | 1,302 |
2027 | 1,088 |
2028 | 1,023 |
2029 | 683 |
Thereafter | 235 |
Total minimum lease payments | 6,197 |
Less: imputed interest | (1,181) |
Total lease liabilities | $ | 5,016 |

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/440/tableOfContent + Details
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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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