Leases

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

The components of lease cost were as follows (in thousands):


Table 4.1. Lease Cost
	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Operating lease cost	$	834	$	1,108	$	1,672	$	2,226
Short-term lease cost	$	165	$	248	$	332	$	483

Supplemental balance sheet information related to leases is as follows (in thousands):


Table 4.2. Details of Lease Right-of-use Assets and Liabilities
	June 30, 2025		December 31, 2024
Operating lease right-of-use assets	$	14,933	$	15,493

Operating lease liabilities - current		2,704		2,637
Operating lease liabilities - non-current		12,725		13,074

Total operating lease liabilities	$	15,429	$	15,711

Operating lease liabilities are included in

Other current liabilities

and

Other non-current liabilities

on the unaudited Condensed Consolidated Balance Sheets, while operating lease right-of-use assets are included in Other non-current assets on the unaudited Condensed Consolidated Balance Sheets.

Weighted-average lease terms and discount rates are as follows:


Table 4.3. Weighted-average Lease Terms and Discount Rates
	June 30, 2025			December 31, 2024
Weighted-average remaining lease term		7.8 years			8.3 years
Weighted-average discount rates		13.3	%		12.8	%

Maturities of lease liabilities under operating leases are as follows (in thousands):


Table 4.4. Maturities of Lease Liabilities
	Years ending December 31,
2025 (remaining 6 months)	$	1,664
2026		3,146
2027		3,199
2028		2,791
2029		3,058
Thereafter		11,944

Total lease payments		25,802
Less: imputed interest		10,373

Total lease liabilities	$	15,429

5. Leases

The Company leases facilities under non-cancelable operating leases. In addition to fixed monthly lease payments, the Company is required to pay operating expenses and real estate taxes for certain of these facilities. In January 2024, the Company commenced a lease for corporate office space with a lease term of approximately 10 years.

The components of lease cost were as follows (in thousands):

Table 5.1. Lease Cost


	Year ended December 31,
	2024		2023		2022
Operating lease cost	$	4,406	$	1,813	$	1,824
Short-term lease cost	$	895	$	180	$	916

Supplemental balance sheet information related to leases is as follows (in thousands):

Table 5.2. Details of Lease Right-of-use Assets and Liabilities


	December 31, 2024		December 31, 2023
Operating lease right-of-use assets	$	15,493	$	1,624

Operating lease liabilities - current		2,637		1,647
Operating lease liabilities - non-current		13,074		132

Total operating lease liabilities	$	15,711	$	1,779

Operating lease liabilities are included in

Other current liabilities and Other non-current liabilities

on the Consolidated Balance Sheets, while operating lease right-of-use assets are included in

Other non-current assets

on the Consolidated Balance Sheets.

Weighted-average lease terms and discount rates are as follows:

Table 5.3. Weighted-average Lease Terms and Discount Rates


	December 31, 2024			December 31, 2023
Weighted-average remaining lease term		8.3 years			1.1 years
Weighted-average discount rates		12.8	%		8.5	%

Maturities of lease liabilities under operating leases are as follows (in thousands):

Table 5.4. Maturities of Lease Liabilities


Years ending December 31,
2025	$	3,065
2026		3,091
2027		3,144
2028		2,787
2029		3,058
Thereafter		11,944

Total lease payments		27,089
Less: imputed interest		11,378

Total lease liabilities	$	15,711