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COMMITMENTS AND CONTINGENCIES | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
COMMITMENTS AND CONTINGENCIES | 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, the lessors receive 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 Condensed Consolidated Statements of Comprehensive (Loss) Income, rent expense is included in operating expenses under general and administrative expenses. The components of the rent expense are as follows for the periods presented below (in thousands):
| Three Months Ended March 31,
| 2025 |  | 2024
Operating lease cost | $ | 534 |  |  | $ | 531 |
Sublease income | — |  |  | (5) |
Net rent expense | $ | 534 |  |  | $ | 526 |
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 March 31, 2025 and December 31, 2024. The weighted average remaining lease term is four years as of March 31, 2025 and December 31, 2024. Supplemental cash flow information related to operating leases are as follows for the periods presented below (in thousands):
| Three Months Ended March 31,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash outflows from operating leases | $ | 564 |  |  | $ | 500 |
Non-cash operating activities: |  |  |
Operating lease assets obtained or removed in exchange for new, modified or terminated operating lease liabilities | $ | 736 |  |  | $ | — |
Future minimum commitments over the life of all operating leases, which exclude variable rent payments, are as follows for the period presented below (in thousands):
2025 (Remaining) | $ | 1,472 |
2026 | 1,571 |
2027 | 1,366 |
2028 | 1,188 |
2029 | 683 |
2030 | 207 |
Thereafter | 27 |
Total minimum lease payments | 6,514 |
Less: imputed interest | (1,190) |
Total lease liabilities | $ | 5,324 |
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 March 31, 2025, we were not currently a party to any material legal proceedings.

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