The Company’s headquarters are located in Boulder, Colorado, where it leases 14,790 square feet of office and lab facilities under operating leases that expire in December 2026, with rights to extend for a five-year period. In the Merger with Reneo, the Company assumed the lease in Irvine, California, where it leases office space under a lease agreement that expires in November 2026 (the “Irvine lease”). In January 2025, the Company entered into a sublease on the Irvine lease for all of the leased square footage, which expires in November 2026. Payments under the sublease for the three months ended March 31, 2025 were $53 thousand and were netted against operating lease costs in the Statement of Operations.

Right-of-use assets and lease liabilities for operating leases as included in the Company’s financial statements are as follows (in thousands):


	March 31, 2025		December 31, 2024
Operating lease right-of-use assets	$	676	$	770
Current operating lease liabilities		546		536
Noncurrent operating lease liabilities		409		549
Total lease liabilities	$	955	$	1,085

Lease expense for operating leases, net of sublease receipts, as included in the Company’s financial statements are as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Operating lease cost	$	51	$	44
Variable lease expense		45		47

Lease term, discount rates, and additional information for operating leases are as follows (in thousands):


	Three Months Ended March 31,
	2025			2024
Weighted-average remaining lease term - operating leases (years)	1.72			2.75
Weighted-average discount rate - operating leases		4.5	%		4.5	%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	140		$	53

The aggregate maturities of the Company’s operating lease liabilities were as follows as of March 31, 2025 (in thousands):


Remaining in 2025	$	431
2026		560
Total future minimum lease payments		991
Less: imputed interest		(36	)
Less: Current portion		(546	)
Operating lease liability, net of current portion	$	409