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LEASES | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
LEASES | LEASES The Company has operating leases for corporate office space and certain equipment. The leases have original terms from one year to ten years, some of which include options to renew the lease, and are included in the lease term when it is reasonably certain that the Company will exercise the option. No leases include options to purchase the leased property. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We do not have any lease agreements with related parties. The components of lease cost were as follows (in thousands):
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease cost(1) | $ | 418 |  |  | $ | 442 |  |  | $ | 843 |  |  | $ | 836 |
Sublease income |  | $ | — |  |  | $ | (30) |  |  | $ | — |  |  | $ | (30) |
Total lease cost |  | $ | 418 |  |  | $ | 412 |  |  | $ | 843 |  |  | $ | 806 |
(1) Includes short-term lease costs and variable lease costs, which are immaterial.
Supplemental cash flow information related to leases was as follows (in thousands):
|  | For the Six Months Ended June 30,
|  | 2025 |  | 2024
Cash paid for amounts included in measurement of lease liabilities: |  |  |
| Operating cash flows from operating leases | $ | 1,109 |  |  | $ | 739 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |
| Operating leases | $ | 119 |  |  | $ | 2,930 |
Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount):
|  | June 30, 2025 |  | December 31, 2024
Operating lease right-of-use-assets (as reported) | $ | 6,029 |  |  | $ | 6,518 |
Operating lease liabilities - current (as reported) | 1,703 |  |  | 1,625 |
Operating lease liabilities - non-current (as reported) | 8,199 |  |  | 8,995 |
| Total operating lease liabilities | $ | 9,902 |  |  | $ | 10,620 |
Weighted Average Remaining Lease Term (in years) |  |  |
| Operating leases | 7.1 years |  | 7.4 years
Weighted Average Discount Rate |  |  |
| Operating leases | 5.6 | % |  | 5.5 | %
The Company reviews its right-of-use ("ROU") assets for impairment if indicators of impairment exist. If impairment indicators exist, we compare the fair value of the ROU asset to its carrying value. If the carrying value exceeds the fair value, an impairment loss is recorded. No impairment was recorded during the three and six month periods ended June 30, 2025 and 2024. As of June 30, 2025, future operating lease payments were as follows (in thousands):
| Operating Leases
July 1, 2025 through December 31, 2025 | $ | 1,105 |
2026 | 2,239 |
2027 | 1,359 |
2028 | 1,304 |
2029 | 1,333 |
2030 and thereafter | 4,858 |
| Total lease payments | $ | 12,198 |
Less: imputed interest | (2,296) |
| Total | $ | 9,902 |
As of June 30, 2025 the Company has no operating or finance leases that have not yet commenced.

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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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