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Leases | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Leases | 6. LEASES The Company has the following operating leases:
Location |  | Primary Use |  | Lease Expiration Date |  | Renewal Option
Copenhagen, Denmark |  | Corporate headquarters |  | November 2029 |  | None
The Company has no finance leases and has elected to apply the short-term lease exception to all leases with durations of one year or less. Rent expense for the three and six months ended June 30, 2025 was $5,000 and $10,000, respectively. Rent expense for the three and six months ended June 30, 2024 was $47,000 and $143,000, respectively. Quantitative information regarding the Company’s leases for the three and six months ended June 30, 2025 and 2024 was as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Lease Cost |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Operating lease cost (in thousands) |  | $ | 5 |  |  | $ | 47 |  |  | $ | 10 |  |  | $ | 143 |
Other Information |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands) |  | $ | 5 |  |  | $ | 48 |  |  | $ | 10 |  |  | $ | 140 |
Operating lease liabilities arising from obtaining right-of-use assets (in thousands) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
As of June 30, 2025 and December 31, 2024, the weighted average remaining lease term for operating leases was 4.4 years and 4.9 years, respectively. As of June 30, 2025 and December 31, 2024, the weighted average discount rate for operating leases was 8% for both periods. Operating lease liabilities at June 30, 2025 are as follows (in thousands):
|  | Operating |
Future Lease Payments |  | Leases |
2025 (excluding the period ended June 30, 2025) |  | $ | 10 |
2026 |  |  | 20 |
2027 |  |  | 20 |
2028 |  |  | 20 |
2029 |  |  | 19 |
Total lease payments |  |  | 89 |
Less: imputed interest |  |  | (14 | )
Total lease liabilities |  | $ | 75 |

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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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