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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 8. COMMITMENTS AND CONTINGENCIES The following table summarizes our contractual obligations as of June 30, 2025 (in thousands):
|  | Total |  |  | Less than 1 year |  |  | 1-3 years |  |  | 3-5 years |  |  | More than 5 years |
Vancouver office operating lease |  | $ | 104 |  |  | $ | 33 |  |  | $ | 71 |  |  | $ | — |  |  | $ | — |
Total |  | $ | 104 |  |  | $ | 33 |  |  | $ | 71 |  |  | $ | — |  |  | $ | — |
Leases We have operating leases for our corporate offices. Operating leases with a term of 12 months or longer are included in ROU assets, other current liabilities, and operating lease liabilities on our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities on our consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use the incremental borrowing rate of comparable companies from a representative peer group selected based on industry and market capitalization. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Vancouver lease arrangement On November 19, 2018, we entered into a lease agreement, or the Vancouver Lease, for office space in Vancouver, British Columbia, which commenced on February 1, 2019, and had a four-year term. Pursuant to the terms of the Vancouver Lease, we rent approximately 2,367 square feet of office space. On December 16, 2022, we entered into an agreement to extend the Vancouver Lease for another two-year term, which commenced on February 1, 2023. On December 9, 2024, we extended the Vancouver Lease for a further two-year term, which commenced on February 1, 2025. Pursuant to this Vancouver Lease, we rent approximately 2,367 square feet of office space. The annual rent is approximately $0.1 million. Consolidated rent expense relating to the Vancouver, British Columbia office, for the three and six months ended June 30, 2025 was $30,000 and $61,000, respectively and for the three and six months ended June 30, 2024 was $29,000 and $58,000, respectively. Other information related to leases was as follows (dollars in thousands):
| Three Months Ended |  |  | Six Months Ended
| June 30, |  |  | June 30,
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |
Supplemental Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows to operating leases | $ | 13 |  |  | $ | 15 |  |  | $ | 85 |  |  | $ | 31 |  |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |  |  |  |  |
Operating leases | 1.58 years |  |  | 0.58 years |  |  | 1.58 years |  |  | 0.58 years |  |
Weighted Average Discount Rate |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | 8.98 | % |  |  | 8.98 | % |  |  | 8.98 | % |  |  | 8.98 | % |
Guarantees and Indemnifications We indemnify our officers, directors and certain consultants for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at its request in such capacity. The term of the indemnification period is equal to the officer’s or director’s lifetime. The maximum amount of potential future indemnification is unlimited; however, we have obtained director and officer insurance that limits our exposure and may enable us to recover a portion of any future amounts paid. We believe that the fair value of these indemnification obligations is minimal. Accordingly, we have no t recognized any liabilities relating to these obligations as of June 30, 2025. We have certain agreements with certain organizations with which we do business that contain indemnification provisions pursuant to which we typically agree to indemnify the party against certain types of third-party claims. We accrue for known indemnification issues when a loss is probable and can be reasonably estimated. There were no accruals for, or expenses related to, indemnification for any period presented.

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