v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
As of March 31, 2025, the Company had commercial real estate lease agreements for office space under operating leases.

The table below presents supplemental information related to the operating leases:
Three Months Ended March 31,
20252024
Operating lease costs during the period$160 $90 
Cash payments included in the measurement of operating lease liabilities during the period$150 $57 
Operating lease liabilities arising from obtaining lease right-of-use assets during the period$890 $— 
Weighted-average remaining lease term (in months) as of period-end372
Weighted-average discount rate during the period8.97%6.85%

The Company utilizes its incremental borrowing rates on a collateralized basis, reflecting the Company’s credit quality and the term of the lease at the commencement of the lease in determining the present value of future payments since the implicit rate for the Company’s leases is not readily determinable.

Variable lease expense includes rental increases that are not fixed, such as those based on amounts paid to the lessor based on cost or consumption, such as maintenance and utilities.

The components of operating lease costs were as follows:
Three Months Ended March 31,
20252024
Operating lease costs included in:
Research and development$151 $67 
General and administrative80 23 
Total operating lease costs (1)
$231 $90 

(1) Month-to-month lease arrangements for the three months ended March 31, 2025 and 2024 of $71 and $40, respectively, are included in operating lease costs.

The minimum lease payments below do not include common area maintenance charges, which are contractual obligations under the Company’s lease, but are not fixed and can fluctuate from year to year and are expensed as incurred. Common area maintenance charges for the three months ended March 31, 2025 and 2024 of $43 and $20, respectively, are included in operating expenses on the condensed consolidated statements of operations.
Maturities of the operating lease liabilities are summarized as follows as of March 31, 2025:

Remaining 2025604 
2026825 
2027203 
Thereafter424 
Minimum lease payments2,056 
Less imputed interest(263)
Present value of operating lease liabilities$1,793 
Current portion of operating lease liabilities$681 
Noncurrent portion of operating lease liabilities1,112 
Total operating lease liabilities$1,793