LEASES
The Company has an operating lease for approximately four thousand five hundred square feet of corporate office space. The weighted-average remaining lease term as of December 31, 2025 was 1 year, 9 months. The weighted-average discount rate utilized on our operating lease liabilities as of December 31, 2025 was 9.00%.
Operating leases are included in operating lease ROU assets, operating lease liabilities, and operating lease liabilities, noncurrent in our consolidated balance sheets as of December 31, 2025 and 2024.
The following table summarizes the presentation of the Company's operating lease as presented on the consolidated balance sheets:
(in thousands)DECEMBER 31, 2025DECEMBER 31, 2024
Assets:
Operating lease right-of-use assets$175 $152 
Liabilities:
Operating lease liabilities$94 $154 
Operating lease liabilities, noncurrent82 — 
Total operating lease liabilities$176 $154 
Future minimum lease payments from December 31, 2025 until the expiration of the operating lease are as follows:
(in thousands)
2026$106 
202784 
Thereafter— 
Total lease payments190 
Less: imputed discount rate(14)
Carrying value of operating lease liabilities$176 
The Company incurred $0.2 million in operating lease rent expense for both years ended December 31, 2025 and 2024. Lease payments made were $0.2 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively, with such amounts reflected on the consolidated statements of cash flows in operating activities.
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Historical Timeline

Fiscal YearFiled
2025Mar 16, 2026Showing above
2024Mar 13, 2025
2023Mar 12, 2024
2022Mar 6, 2023

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.