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Leases

12 Months Ended

Dec. 31, 2024

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