Quarterly report [Sections 13 or 15(d)]

LEASES (Tables)

v3.25.2
LEASES (Tables)
6 Months Ended
Jun. 30, 2025
Leases  
SUMMARY OF OPERATING LEASE LIABILITIES

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

 

    June 30, 2025     December 31, 2024  
             
Current operating lease liability   $ 537     $ 823  
Non-current operating lease liability     3,978       3,262  
Total operating lease liability   $ 4,515     $ 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     2025     2024  
   

For the three months ended June 30,

   

For the six months ended June 30,

 
    2025     2024     2025     2024  
                         
Operating lease cost   $ 380     $ 328     $ 752     $ 662  
Variable lease cost     79       122       195       196  
Short-term lease cost     11       11       19       34  
Total operating lease costs   $ 470     $ 461     $ 966     $ 892  
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 June 30, 2025 were as follows (in thousands):

 

Future minimum lease payments and obligations  

Operating

Leases

 
       
2025, remainder   $  
2026     1,102  
2027     1,146  
2028     1,172  
2029     1,199  
Thereafter     1,225  
Total undiscounted operating lease payments     5,844  
Less: imputed interest     1,329  
Present value of operating lease liabilities   $ 4,515  
SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE

Future cash receipts from the Company’s sublease agreements as of June 30, 2025 are as follows (in thousands):

 

    Operating  
Future cash receipts   Subleases  
       
2025, remainder   $ 140  
Total future cash receipts   $ 140