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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Note 6. Leases The Company leases office space under a non-cancellable operating lease. In January 2021, the Company commenced a lease in San Jose, California. The lease expires in February 2028. Due to an event of default under the lease occurring in October 2024, and the likelihood of the landlord executing its right to early terminate the lease as a result, the Company determined this represented a remeasurement event and remeasured the lease as of December 31, 2024. Subsequently, on February 26, 2025, the landlord executed its option to early terminate the lease so that the lease will terminate on March 31, 2026. The components of operating lease expense were as follows:
|  |  | Year Ended December 31,
(in thousands) |  |  |  |  | 2024 |  | 2023
Operating lease cost |  |  |  |  | $ | 1,470 |  |  | $ | 1,470 |
Variable lease expense |  |  |  |  | 600 |  |  | 530 |
Short-term lease expense |  |  |  |  | 74 |  |  | 62 |
Total lease expense |  |  |  |  | $ | 2,144 |  |  | $ | 2,062 |
Variable lease expense consists of the Company’s proportionate share of operating expenses, property taxes, and insurance. As of December 31, 2024, the weighted-average remaining lease term was 1.3 years and the weighted-average discount rate was 149.0%. As of December 31, 2024, the maturities of the Company’s operating lease liabilities were as follows:
(in thousands) |
2025 | 1,627 |
2026 | 419 |
2027 | — |
2028 | — |
Total lease payments | 2,046 |
Less: Imputed interest | (1,028) |
Present value of lease liabilities | $ | 1,018 |

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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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