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Leases

3 Months Ended

Mar. 31, 2025

5. Leases

The Company is party to operating leases for real estate, and for certain equipment and storage space with a term of 12 months or less. The Company is currently not a party to any finance leases.

As of March 31, 2025, the Company’s real estate leases have a weighted-average remaining lease term of approximately 4.55 years, and the lease liabilities are measured using a weighted-average discount rate of 7.92%.

Total lease expense (net of sublease income) included in selling, general and administrative expenses on the Company’s unaudited condensed consolidated statements of operations was approximately $0.2 million and $0.4 million for the current quarter and prior year quarter, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was approximately $0.4 million in both the current quarter and prior year quarter.

During the prior year quarter, as a result of entering into an agreement (as sublessor) for the sublease of offices located at 1333 Broadway to a third-party subtenant, the Company recognized a non-cash impairment charge of approximately $1.9 million related to the right-of-use asset for this location, and a non-cash impairment charge of approximately $0.4 million related to leasehold improvement assets at this location.

Future Lease Obligations

As of March 31, 2025, the maturities of future lease obligations were as follows:


	Amount
Year	(in thousands)
2025 (April 1 through December 31)	$	1,538
2026		2,060
2027		1,841
2028		570
2029		585
Thereafter		1,420
Total lease payments		8,014
Less: Discount		1,464
Present value of lease liabilities		6,550
Current portion of lease liabilities		1,594
Non-current portion of lease liabilities	$	4,956