LeasesThe Company leases office space in the United States and Canada under non‑cancelable operating lease agreements. The Company does not have any finance leases. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets, and lease expense related to these leases is recognized on a straight‑line basis over the lease term.
Operating lease right‑of‑use (“ROU”) assets and lease liabilities are recognized at lease commencement. Lease liabilities are measured based on the present value of future lease payments over the lease term. As the implicit
rate is not readily determinable, the Company uses its incremental borrowing rate at lease commencement. ROU assets are measured based on the related lease liabilities, adjusted for prepaid rent, accrued rent, and lease incentives.
The Company has elected the practical expedient to not separate lease and non‑lease components for all leases. Operating lease expense is recognized on a straight‑line basis over the lease term. Variable lease payments, which primarily relate to non‑fixed operating costs, are excluded from the measurement of ROU assets and lease liabilities and are expensed as incurred.
As of December 31, 2025, the Company did not have any material leases that had not yet commenced. Operating lease cost was $263 and $208 for the years ended December 31, 2025 and 2024, respectively, which was included in general and administrative expenses on the Company’s consolidated statements of operations.
The following table represents the weighted-average remaining lease term and discount rate:
| | | | | | | | | | | |
| December 31, |
| 2025 | | 2024 |
| Operating Leases: | | | |
| Weighted-average remaining lease term (in years) | 9.50 | | 3.08 |
| Weighted-average discount rate | 7.0% | | 7.0% |
As of December 31, 2025, future minimum lease payments for the Company’s operating lease liabilities are as follows:
| | | | | |
| Year Ending December 31, | Amount |
| 2026 | $412 |
| 2027 | 559 |
| 2028 | 495 |
| 2029 | 385 |
| 2030 | 395 |
| Thereafter | 2,300 | |
| Total future lease payments | $4,546 |
| Less: imputed interest | (1,283) | |
| Present value of lease liabilities | $3,263 |
As of December 31, 2025 and 2024, the following balances related to the Company’s operating leases are recorded in the consolidated balance sheets:
| | | | | | | | | | | |
| December 31, |
| 2025 | | 2024 |
| Right of use asset | $3,083 | | $310 |
| Lease liability, current | $186 | | $130 |
| Lease liability, non-current | $3,077 | | $202 |
Supplemental cash flow information related to leases was as follows:
| | | | | | | | |
| Years Ended December 31, |
| 2025 | 2024 |
| Cash paid for operating leases | $203 | $201 |
| Supplemental disclosure of noncash leasing activities: | | |
| Right-of-use-assets obtained in exchange for new operating lease liabilities | $3,006 | $67 |