Quarterly report [Sections 13 or 15(d)]

Leases

v3.25.2
Leases
6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases

8. Leases

The Company has one operating lease for a printer and previously held an operating lease for office premises. The printer lease has a remaining term of 0.1 year.

Operating lease expenses are recognized on a straight-line basis over the lease term. The Company recognized $19 and $65 of operating lease costs for right-of-use assets during the three and six months ended June 30, 2025 respectively, and $99 and $198 of operating lease costs for right-of-use assets during the three and six months ended June 30, 2024, respectively. The Company recognized $5 and $10 of rental expense on short-term leases during the three and six months ended June 30, 2025, respectively. No rental expense was recognized on short-term leases during the three and six months ended June 30, 2024.

Information related to the Company’s right-of-use assets and related lease liabilities is as follows:

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Cash paid for operating lease liabilities

 

$

20

 

 

$

100

 

 

$

68

 

 

$

200

 

 

 

 

 

June 30, 2025

 

 

December 31,
2024

 

Weighted-average remaining lease term

 

0.09 years

 

 

0.39 years

 

Weighted-average discount rate

 

 

10.0

%

 

 

11.5

%

There were no right-of-use assets and lease liabilities for the Company’s operating leases at June 30, 2025. Right-of-use assets and lease liabilities for the Company’s operating leases were recorded in the condensed consolidated balance sheet as follows at December 31, 2024, representing the Company’s right to use the underlying asset for the lease term ("Prepaid expenses and other current assets") and the Company’s obligation to make lease payments (“Other current liabilities”):

 

 

December 31,
2024

 

Prepaid expenses and other current assets

 

$

65

 

 

 

 

 

Other current liabilities

 

$

67