v3.25.0.1
Leases (Tables)
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Components of Lease Cost

Components of lease cost were as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Lease cost

 

 

 

 

 

 

Operating lease cost

 

$

6,028

 

 

$

6,793

 

Short-term lease cost

 

 

199

 

 

 

198

 

Variable lease cost

 

 

2,027

 

 

 

1,828

 

Total lease cost

 

$

8,254

 

 

$

8,819

 

Schedule of Future Minimum Lease Payments

As of December 31, 2024 and 2023, operating leases had a weighted-average remaining lease term of 9.9 years and 10.4 years, respectively and a weighted-average discount rate of 10.6% and 10.5%, respectively. Discount rates are based on estimates of the Company's incremental borrowing rate, as the discount rates implicit in the leases cannot be readily determined. Future lease payments under operating leases as of December 31, 2024 were as follows (in thousands):

 

 

 

Amount

 

2025

 

$

8,057

 

2026

 

 

7,230

 

2027

 

 

7,189

 

2028

 

 

5,215

 

2029

 

 

5,371

 

2030 and thereafter

 

 

37,426

 

Total future minimum lease payments

 

 

70,488

 

Less: imputed interest

 

 

(27,910

)

Present value of future minimum lease payments

 

 

42,578

 

Less: current portion of operating lease liability (included in accrued and other current liabilities)

 

 

(7,696

)

Long-term operating lease liabilities

 

$

34,882