The Company has lease agreements for its facilities in Boston, Massachusetts, which is the Company’s principal executive offices, and in Vienna, Austria, which was previously the Company’s research and development center. There are no restrictions or financial covenants associated with any of the lease agreements.

Boston Lease— The Company leases approximately 28,000 square feet of office space in Boston, Massachusetts (“Boston Lease”), which serves as the Company’s headquarters. Base rental payments are approximately $1.1 million annually, plus certain operating expenses. The term of the Boston Lease will continue until November 2026, unless earlier terminated. The Company has the right to renew the Boston Lease for an additional five years at the then prevailing effective market rental rate. As of June 30, 2025, the Company has not yet concluded that the exercise of this renewal option is probable. The Company is required to maintain a security deposit in the form of a letter of credit for $0.6 million for the benefit of the landlord.

Vienna Austria Lease— The Company has an operating lease for approximately 1,200 square meters of laboratory and office space in Vienna, Austria (“Vienna Lease”), that commenced in February 2021 for a term of seven years. The annual base rent for the Vienna Lease is approximately $282 thousand. On February 6, 2025, the Company announced a plan to vacate the lease and close operations. As of June 30, 2025, the Company continues to hold the Vienna lease and anticipates abandoning the Vienna Lease within the subsequent three to six months. Accordingly, the Company has accelerated amortization of the right of use asset such that the net carrying amount of the right of use asset and remaining lease obligation reflect the Company’s best estimate of its rights and obligations as of the anticipated date of abandonment. Thereafter, until the Vienna Lease is either contractually terminated or modified, the Company will continue to recognize rent expense in the amount of the accretion of the remaining lease liability.

The components of lease expense for 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,
Lease Cost	2025			2024			2025			2024
Fixed operating lease cost	$	1,085		$	489		$	1,572		$	978

Total lease expense	$	1,085		$	489		$	1,572		$	978
Other information

Operating cash outflows from operating leases	$	354		343			$	702		$	687
Weighted-average remaining lease term—operating leases	1.8			2.7			1.8			2.7
Weighted-average discount rate—operating leases	11.5		%	11.5		%	11.5		%	11.5		%


Maturity of lease liabilities	Operating Leases
2025 (remainder of the year)	$	716
2026	1,358
2027	306
2028	51


Total lease payments	2,431
Less: interest	(248)
Total operating lease liabilities as of June 30, 2025	$	2,183