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Commitments and Contingencies
3 Months Ended
Mar. 31, 2025
Commitments and Contingencies.  
Commitments and Contingencies

6. Commitments and Contingencies

Operating Leases

Amounts reported in the consolidated balance sheets for leases where the Company is the lessee as of March 31, 2025 were as follows, in thousands:

As of

March 31, 2025

December 31, 2024

Assets

 

 

Operating lease assets

$

444

$

498

Total operating lease assets

$

444

$

498

Liabilities

Current:

Operating lease liabilities

$

194

$

193

Non-current:

Operating lease liabilities, non-current

280

342

Total operating lease liabilities

$

474

$

535

Operating lease costs for the three months ended March 31, 2025 and 2024 was $54 and $55, respectively.

The maturities of the operating lease liabilities and minimum lease payments as of March 31, 2025 were as follows:

For the Years Ended December 31,

    

Operating Leases

2025 (remaining)

$

167

2026

 

155

2027

 

87

2028

88

2029

38

Thereafter

Total undiscounted lease payments

$

535

Less: Imputed interest

(61)

Present value of operating lease liabilities

$

474

The following table summarizes the lease term and discount rate as of March 31, 2025:

As of

March 31, 2025

December 31, 2024

Weighted-average remaining lease term (years)

Operating leases

3.2

3.3

Weighted-average discount rate

Operating leases

8.1%

8.1%

Operating cash flows used for operating leases for the three months ended March 31, 2025 and 2024 was $56 and $56, respectively.

Litigation and Contingencies

From time to time, the Company may be involved in disputes or regulatory inquiries that arise in the ordinary course of business. When the Company determines that a loss is both probable and reasonably estimable, a liability is recorded and disclosed if the amount is material to the financial statements taken as a whole. When a material loss contingency is only reasonably possible, the Company does not record a liability but instead discloses the nature and the amount of the claim and an estimate of the loss or range of loss, if such an estimate can reasonably be made.

As of March 31, 2025 and December 31, 2024, there was no litigation or contingency with at least a reasonable possibility of a material loss.