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Leases | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Leases | Leases In July 2023, the Company signed a 5.5-year lease for approximately 2,700 square feet of office space in Shelton, Connecticut, (the “Shelton Lease”). The Company has a one-time option to cancel the Shelton Lease after 36 months if it provides written notice before the end of month 30. A payment of approximately $47,000 would be due at the end of month 36 if the Company exercises this option. This option is not reasonably certain to occur. Rent expense for each of the three months ended March 31, 2025 and 2024 was approximately $9,000. Cash paid for operating leases for the three months ended March 31, 2025 was approximately $17,000. The Company paid $3,000 for operating leases for the three months ended March 31, 2024. The following table summarizes the balance sheet classification of the operating lease asset and related lease liabilities as of March 31, 2025 and December 31, 2024 (in thousands):
| March 31, 2025 |  | December 31, 2024
Right-of-use asset, net | $ | 116 |  |  | $ | 122 |
Lease liability, current portion | 29 |  |  | 28 |
Lease liability, net of current portion | 102 |  |  | 110 |
| $ | 131 |  |  | $ | 138 |
The following variables were used to determine the right-of-use asset and the operating lease liabilities at March 31, 2025 and 2024:
| March 31, 2025 |  | March 31, 2024
Weighted average remaining lease term | 3.9 years |  | 5.4 years
Weighted average operating lease discount rate | 6.4 | % |  | 6.4 | %
Future minimum lease payments under the lease agreement as of March 31, 2025 were as follows (in thousands):
Year ended |
2025 (remainder of year) | $ | 27 |
2026 | 37 |
2027 | 39 |
2028 | 39 |
2029 | 7 |
Total lease payments | 149 |
Less: Amounts representing interest | (18) |
Present value of lease liabilities | $ | 131 |

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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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