On March 28, 2022, the Company entered into a License Agreement (the “License”) with MIL 40G, LLC (the “Licensor”), pursuant to which the Company leases approximately 13,000 square feet of office, research and development and laboratory space located at 40 Guest Street, Boston, Massachusetts 02135. The Company recognized a right of use asset of $9.1 million and an operating lease liability of $9.1 million which were recorded as of the Term Commencement Date (as defined below) related to the License. The term of the License commenced on April 15, 2022 (the “Term Commencement Date”) and expires on April 14, 2026. The License has a monthly rental rate of $225,760.

On May 3, 2022, the Company entered into the First Amendment to the License with the Licensor, pursuant to which the License was expanded to include an additional room effective July 15, 2022. On May 31, 2022, the Company entered into an operating lease for additional laboratory space at 40 Guest Street for the period from December 1, 2022, through December 1, 2024 (the “40G Additional Laboratory Lease”).

On November 20, 2024, the Company extended the term of the 40G Additional Laboratory Lease through July 14, 2026. The monthly rental rate is $61,519 through November 30, 2025 and $63,979 for the remainder of the term until July 14, 2026. During the year ended December 31, 2024, the Company recognized a right of use asset of $1.1 million and short-term and long-term operating lease liabilities of $0.7 million and $0.4 million, respectively, using a discount rate of 10%, which were recorded as of the term commencement date of the 40G Additional Laboratory Lease.

For the three months ended March 31, 2025, the Company recorded $0.1 million in interest expense to the lease liability.

At March 31, 2025, operating lease right-of-use assets totaled $3.6 million. Corresponding operating lease liabilities totaled $3.8 million, of which $3.6 million were recorded in current liabilities, and $0.2 million were recorded in long-term liabilities on the Company’s condensed consolidated balance sheets.

As of both March 31, 2025 and December 31, 2024, security deposits of $0.6 million related to the 40G Additional Laboratory Lease were included in deposits on the Company’s consolidated balance sheets.

Rent expense of $0.9 million was included in the condensed consolidated statements of operations and comprehensive loss for both the three months ended March 31, 2025 and 2024.