On June 13, 2024, the Company entered into a new office lease in Redwood City, California for office space for its headquarters facility. The lease provides office space of approximately 18,026 square feet and for base monthly rent payments beginning at $57,400 that increase annually by approximately 3.0% over the term of five years from the date of occupancy. In addition to base rent, the Company has agreed to reimburse the landlord for certain operating expenses under the terms of the lease. The lease commencement date was September 1, 2024 when the premises became available for occupancy. The Company’s operating lease for its predecessor headquarters facility office space in Redwood City, California began on June 1, 2023 and expired in May 2025.

The Company's operating lease right-of-use (ROU) assets, current operating lease liabilities and long-term operating lease liabilities each appear as a separate line within the Company's condensed consolidated balance sheets. In September 2024, the Company recorded an increase to its ROU assets by $2.8 million and an increase to its lease liability of $2.8 million as a result of the June 2024 office lease. As of June 30, 2025 and December 31, 2024, the Company's short-term liabilities were equal to $0.7 million and $0.5 million, respectively, and the long-term operating lease liabilities were equal to $2.2 million and $2.5 million, respectively.

The weighted average discount rate related to the Company's lease liabilities was 8.5% as of June 30, 2025 over a remaining term of 4.2 years, and 8.5% as of December 31, 2024 over a remaining term of 4.7 years. The discount rate was determined based on estimates of the Company’s incremental borrowing rate, as the discount rate implicit in the lease cannot be readily determined.

The components of lease expense during the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Operating lease cost:
Operating lease cost	$	232	$	77	$	490	$	154
Variable lease cost		2		4		6		8
Short-term lease cost		12		59		26		93
Total operating lease cost	$	246	$	140	$	522	$	255

Supplemental cash flow information related to leases was as follows (in thousands):


Cash paid for amounts included in the measurement of lease liabilities:
	Six Months Ended June 30,
	2025		2024
Operating cash flows from operating leases	$	200	$	121


2025 (remainder of the year)	$	294
2026		751
2027		861
2028		942
2029		665
Total lease payments		3,513
Less interest		(589	)
Total	$	2,924

The Company enters into agreements in the normal course of business, including with contract research organizations for clinical trials, contract manufacturing organizations for certain manufacturing services and supplies, and vendors for preclinical studies as well as other services and products for operating purposes, which are generally cancelable upon written notice. As of June 30, 2025, the Company’s non-cancelable other commitments were $15.7 million in the aggregate.

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated.