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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | 5. Leases In connection with the sale of a portion of our corporate campus as further discussed in Note 4, we leased the property pursuant to a master lease for an initial term extending through September 30, 2030, with two five-year extensions. The extension options are not recognized as part of the right-of-use asset and lease liability. We record the right to use the underlying asset for the operating lease term as an asset and our obligation to make lease payments as a liability, based on the present value of the lease payments over the initial lease term. At September 30, 2025, the weighted average remaining lease term was 5 years and the weighted average discount rate w as 3.75%. Because the rate implicit in the lease is not readily determinable, we used our incremental borrowing rate to determine the present value of lease payments. Information related to our right-of-use asset and related lease liability were as follows:
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2025 |  |  | 2024 |
|  | (unaudited) |  |  |  |
Operating right-of-use asset, net |  |  | 4,809 |  |  | $ | 5,454 |
Operating lease liability, current portion |  | $ | 884 |  |  | $ | 839 |
Operating lease liability, net of current portion |  |  | 4,203 |  |  |  | 4,869 |
|  | $ | 5,087 |  |  | $ | 5,708 |
Operating lease expense is recognized on a straight-line basis over the lease term. Our operating lease expense was $268 and $266 for the three months ended September 30, 2025 and 2024, respectively, and $801 and $796 for the nine months ended September 30, 2025 and 2024, respectively. At September 30, 2025, and for the subsequent years ending December 31, future maturity is as follows:
(in thousands) |  |  |
2025 (remaining) |  | $ | 264 |
2026 |  |  | 1,064 |
2027 |  |  | 1,093 |
2028 |  |  | 1,123 |
2029 |  |  | 1,154 |
Thereafter |  |  | 883 |
Future lease payments, gross |  |  | 5,581 |
Less: Imputed interest |  |  | (494 | )
Total operating lease liability |  | $ | 5,087 |

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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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