Our principal executive offices are located in New York, New York, where we lease approximately 7,900 square feet of office space under a lease that terminates in 2027, with an option for us to extend the lease for an additional five years which is not reasonably assured of exercise, and in San Francisco, where we lease approximately 19,418 square feet of office space that terminates in 2029. We also occupy office space located in Burlington, Massachusetts, where we lease approximately 2,235 square feet of office space under a lease that terminates in 2027, as well as a total of approximately 1,735 square meters of office space in the People’s Republic of China, in the cities of Beijing, Guangzhou, Hangzhou and Shanghai, under leases that terminate in 2025 through 2029.

Operating lease expense was $0.9 million and $0.5 million for the three months ended June 30, 2025 and 2024, respectively, and $1.8 million and $1.0 million for the six months ended June 30, 2025 and 2024, respectively. Expense related to variable leases was not significant for the three and six months ended June 30, 2025 and 2024. Operating cash flows for the six months ended June 30, 2025 and 2024 included $1.4 million and $1.1 million for operating leases, respectively.

The weighted average incremental borrowing rate used to determine the operating lease liabilities was 8.91%. The Company's weighted average remaining lease term was 3.04 years as of June 30, 2025.