Leases

6 Months Ended

Jun. 30, 2025

Note 5. Leases

Office Space Lease - Operating

We have an operating lease related to our office and laboratory space in Seattle, Washington with a term through April 2030 and two options to extend the lease term, each by five years. As of June 30, 2025, we are not reasonably certain to exercise the two options to extend the lease term and our lease liability is recorded through April 30, 2030.

For the three and six months ended June 30, 2025 and 2024, we recorded $0.2 million and $0.4 million related to variable lease expense, respectively.

Components of lease expense:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Operating lease cost	$	297	$	297	$	594	$	594
Total lease cost	$	297	$	297	$	594	$	594

Right of use assets acquired under operating leases:


	As of June 30,		As of December 31,
(in thousands)	2025		2024
Seattle office lease, including amendment	$	4,111	$	4,389
Total operating leases	$	4,111	$	4,389

Lease payments:


	For the Six Months Ended June 30,
(in thousands)	2025		2024
For operating leases	$	688	$	688

As of June 30, 2025, the long-term and current portion of the lease liabilities was $4.2 million and $0.8 million, respectively. As of June 30, 2024, the long-term and current portion of the lease liabilities was $5.0 million and $0.7 million, respectively.

As of June 30, 2025, the weighted-average remaining lease term and weighted-average discount rate for operating leases was 4.84 years and 12.03%.