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Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

6. Leases

The Company records a right-of-use operating lease asset and a lease liability related to its operating leases (there are no finance leases). The Company’s corporate office lease expires in March 2027. As of December 31, 2024, the operating lease asset and operating lease liability were approximately $0.9 million and $1.4 million, respectively. As of December 31, 2023, the operating lease asset and operating lease liability were approximately $1.2 million and $2.0 million, respectively.

Future minimum payments under the operating leases as of December 31, 2024 are as follows (in thousands):

Year Ending December 31,		Amount
2025			682
2026			682
2027			169
Total			1,533
Less interest (5% discount rate)			(86	)
Present value of lease liability		$	1,447

During the years ended December 31, 2024 and 2023, the Company incurred approximately $0.8 million and $0.9 million, respectively, of total lease costs that are included in the general and administrative expenses in the statements of operations.

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- References

No definition available.

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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

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