Quarterly report [Sections 13 or 15(d)]

LEASES

v3.25.3
LEASES
 9 Months Ended
Sep. 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 September 30, 2025 and 2024, operating lease expense was $1.0 million and $1.1 million, respectively, and during the nine months ended September 30, 2025 and 2024, operating lease expense was $3.1 million and $3.5 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:
September 30, 2025 December 31, 2024
Operating lease right-of-use assets
 $ 8,315 $ 9,703
Operating lease liabilities, current 3,774 3,405
Operating lease liabilities, noncurrent 4,875 6,659
Operating lease liabilities, total $ 8,649 $ 10,064
Weighted average remaining lease term, years 2.3 2.9
Weighted average discount rate 6.3  % 6.1  %
Operating lease liability maturities:
Year ending December 31, Operating Leases
Remaining 2025 $ 1,062 
2026 4,071 
2027 3,527 
2028 620 
Total undiscounted cash flows $ 9,280 
Less: imputed interest $ (631)
Lease liabilities, total $ 8,649 
As of September 30, 2025, the Company did not have any material additional operating leases that have not yet commenced.