Leases

9 Months Ended

Sep. 30, 2025

LEASES

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, accrued liabilities and current portion of long-term liabilities, and operating lease liabilities in our condensed consolidated balance sheets.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Operating lease ROU assets also exclude lease incentives received. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

We have operating leases primarily for office buildings and spaces. Our leases have remaining lease terms of one year to three years. Supplemental information related to lease expense and valuation of the ROU assets and lease liabilities was as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Operating lease cost:	$	557	$	690	$	1,686	$	2,102


	Nine Months Ended
	September 30,
	2025			2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,492		$	2,052
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets	201			1,111
Weighted average remaining lease term (in years)	1.61			2.03
Weighted average discount rate	7.41		%	7.52		%

Future minimum lease payments under non-cancellable leases as of September 30, 2025 were as follows:


Operating Lease Payments
Three months ending December 31, 2025	$	523
Years ending December 31:
2026	1,195
2027	430
2028	76




Total operating lease payments	2,224
Less imputed interest	(140)
Total operating lease liabilities	$	2,084

As of September 30, 2025, we had no operating lease liabilities that had not commenced.