Quarterly report [Sections 13 or 15(d)]

LEASES (Tables)

v3.25.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2025
Leases  
SUMMARY OF OPERATING LEASE LIABILITIES

The following table provides a summary of the Company’s operating lease liabilities (in thousands):

 

    March 31, 2025     December 31, 2024  
             
Current operating lease liability   $ 613     $ 823  
Non-current operating lease liability     4,078       3,262  
Total operating lease liability   $ 4,691     $ 4,085  
SCHEDULE OF COMPONENTS OF LEASE COST

The following table provides a summary of the components of lease costs and rent (in thousands):

 

    2025     2024  
    For the three months ended March 31,  
    2025     2024  
             
Operating lease cost   $ 372     $ 334  
Variable lease cost     116       74  
Short-term lease cost     8       23  
Total operating lease costs   $ 496     $ 431  
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES

Future minimum lease payments and obligations, which do not include short-term leases, related to the Company’s operating lease liabilities as of March 31, 2025 were as follows (in thousands):

 

Future minimum lease payments and obligations   Operating Leases  
       
2025, remainder   $ 400  
2026     1,044  
2027     1,114  
2028     1,140  
2029     1,166  
Thereafter     1,191  
Total undiscounted operating lease payments     6,055  
Less: imputed interest     1,364  
Present value of operating lease liabilities   $ 4,691  
SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE

Future cash receipts from the Company’s sublease agreements as of March 31, 2025 are as follows (in thousands):

 

    Operating  
Future cash receipts   Subleases  
       
2025, remainder   $ 302  
Total future cash receipts   $ 302