Leases

12 Months Ended

Dec. 31, 2024

9. Leases

The underlying assets of the Company’s leases primarily relate to office space leases, but also include some equipment leases. The Company determines if an arrangement qualifies as a lease at its inception.

As of December 31, 2024 and 2023, all leases were classified as operating leases. Additional information related to the operating leases is as follows (in thousands):


	December 31,			December 31,
	2024			2023
Right-of-use assets	$	16,083		$	16,745
Operating lease liabilities	$	16,954		$	17,895
Weighted average remaining term in years		2.73			2.83
Weighted average discount rate used to measure outstanding lease liabilities		6.20	%		7.20	%

For the years ended December 31, 2024, 2023, and 2022, the total lease cost for operating leases was approximately $10.2 million, $7.0 million, and $6.2 million, respectively.

Supplemental cash flow information related to operating leases for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):


	2024		2023		2022
Operating cash flows from operating leases	$	9,263	$	7,939	$	7,375
Operating lease assets obtained in exchange for lease obligations		—		2,700		—

The maturity of the Company’s operating lease liabilities as of December 31, 2024 are as follows (in thousands):


2025	$	7,468
2026		7,076
2027		2,351
2028		559
2029 and thereafter		853
Total future minimum lease payments		18,307
Less imputed interest		(1,353	)
Total operating lease liabilities	$	16,954