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Leases | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Leases | Leases Operating Leases The Company has operating leases primarily consisting of office space with remaining lease terms of less than one year to six years, subject to certain renewal options as applicable. Leases with an initial term of twelve months or fewer are not recorded on the balance sheet, and the Company does not separate lease and non-lease components of contracts. There are no material residual guarantees associated with any of the Company’s leases, and there are no significant restrictions or covenants included in the Company’s lease agreements. Certain leases include variable payments related to common area maintenance and property taxes, which are billed by the landlord, as is customary with these types of charges for office space. Our lease agreements generally do not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach to derive an appropriate imputed discount rate. The Company benchmarked itself against other companies of similar credit ratings to derive an imputed rate, which was used in a portfolio approach to discount its real estate lease liabilities. The Company used estimated incremental borrowing rates for all active leases. The table below presents certain information related to lease costs for the Company’s operating leases (amounts in thousands):
| Three Months Ended March 31,
| 2025 | 2024
Operating lease expense | $ | 357 |  | $ | 413 |
Short-term lease expense | 144 | 175
Total lease cost | $ | 501 |  | $ | 588 |
The following table presents the weighted average remaining lease term and the weighted average discount rate related to operating leases:
| March 31, 2025 |  | December 31, 2024
Weighted average remaining lease term (in years) - operating leases | 3.8 |  | 4.1
Weighted average discount rate - operating leases | 7.96 | % |  | 7.61 | %
The following table presents the maturities of lease liabilities (amounts in thousands):
Years Ended December 31, |  | Operating Leases
2025 (remaining) |  | $ | 1,399 |
2026 |  | 1,688 |
2027 |  | 1,516 |
2028 |  | 1,020 |
2029 |  | 144 |
Thereafter |  | 402 |
Total minimum lease payments |  | 6,169 |
Less effects of discounting |  | (868) |
Present value of future minimum lease payments |  | $ | 5,301 |

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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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