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Leases

6 Months Ended

Jun. 30, 2025

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 June 30, 2025, the operating lease asset and lease liability were approximately $0.7 million and $1.1 million, respectively. As of December 31, 2024, the operating lease asset and lease liability were approximately $0.9 million and $1.4 million, respectively.

Future minimum payments under the operating leases as of June 30, 2025, are as follows (in thousands):


Years Ending December 31,	Amount
2025 (remaining six months)	$	341
2026		682
2027		169
Total		1,192
Less: Interest		(53	)
Present value of operating lease liability	$	1,139

During each of the three months ended June 30, 2025 and 2024, the Company incurred approximately $0.2 million of total lease costs and for the six month periods ended June 30, 2025 and 2024, the Company incurred approximately $0.3 million of total lease costs, respectively, that are included in the general and administrative expenses in the condensed statements of operations.