Quarterly report [Sections 13 or 15(d)]

LEASES (Tables)

v3.25.3
LEASES (Tables)
 9 Months Ended
Sep. 30, 2025
Leases  
SUMMARY OF OPERATING LEASE LIABILITIES

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

 

    September 30, 2025     December 31, 2024  
             
Current operating lease liability   $ 102     $ 823  
Non-current operating lease liability     4,254       3,262  
Total operating lease liability   $ 4,356     $ 4,085  
SCHEDULE OF COMPONENTS OF LEASE COST

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

 

                         
   

For the three months ended

September 30,

    

For the nine months ended

September 30,

  
    2025     2024     2025     2024  
                         
Operating lease cost   $ 385     $ 312     $ 1,137     $ 974  
Variable lease cost     122       96       317       292  
Short-term lease cost     13       8       32       42  
Total operating lease costs   $ 520     $ 416     $ 1,486     $ 1,308  
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 September 30, 2025 were as follows (in thousands):

 

Future minimum lease payments and obligations   Operating Leases  
       
2025, remainder   $ —  
2026     419  
2027     1,295  
2028     1,325  
2029     1,357  
Thereafter     1,387  
Total undiscounted operating lease payments     5,783  
Less: imputed interest     1,427  
Present value of operating lease liabilities   $ 4,356