v3.26.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Summary of Components of Lease Expense

For the three months ended March 31, 2026, the components of the Company’s lease expense were as follows (in thousands):

 

 

 

Three months ended March 31,

 

 

2026

 

 

2025

 

Operating lease cost

 

$

1,723

 

 

$

1,739

 

Short-term lease cost

 

 

32

 

 

 

31

 

Variable lease cost

 

 

152

 

 

 

109

 

Total Lease Cost

 

$

1,907

 

 

$

1,879

 

Summary of Supplemental Balance Sheet Information Related to Leases

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

 

 

2026

 

 

2025

 

Weighted-average remaining lease term (in years)

 

 

7.74

 

 

 

7.15

 

Weighted average discount rate

 

 

8.22

%

 

 

7.73

%

Summary of Future Undiscounted Cash Flows

Future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the unaudited condensed consolidated balance sheet as of March 31, 2026 were as follows (in thousands):

 

 

 

 

 

2026

 

$

4,689

 

2027

 

 

5,107

 

2028

 

 

4,458

 

2029

 

 

3,684

 

2030

 

 

3,518

 

Thereafter

 

 

12,764

 

Total lease payments

 

$

34,220

 

Less: imputed interest

 

 

(9,254

)

Present value of lease liabilities

 

$

24,966