Quarterly report [Sections 13 or 15(d)]

LEASES

v3.25.2
LEASES
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES
NOTE 12—LEASES
The Company's operating leases primarily consist of real estate leases such as offices. During the three months ended June 30, 2025 and 2024, operating lease expense was $1.0 million and $1.2 million, respectively, and during the six months ended June 30, 2025 and 2024, operating lease expense was $2.1 million and $2.3 million, respectively. The Company does not have any finance leases. Total variable and short-term lease payments were immaterial for all periods presented.
Supplemental balance sheet information related to operating leases are as follows:
June 30, 2025 December 31, 2024
Operating lease right-of-use assets
 $ 9,110 $ 9,703
Operating lease liabilities, current 3,586 3,405
Operating lease liabilities, noncurrent 5,793 6,659
Operating lease liabilities, total $ 9,379 $ 10,064
Weighted average remaining lease term, years 2.5 2.9
Weighted average discount rate 6.3  % 6.1  %
Operating lease liability maturities:
Year ending December 31, Operating Leases
Remaining 2025 $ 1,990 
2026 4,033 
2027 3,491 
2028 620 
Total undiscounted cash flows $ 10,134 
Less: imputed interest $ (755)
Lease liabilities, total $ 9,379 
As of June 30, 2025, the Company did not have any material additional operating leases that have not yet commenced.