As of June 30, 2025, the Company had non-cancellable commitments for purchase of clinical materials, contract manufacturing, maintenance, and committed funding of up to $10.4 million, of which the Company expects to pay $8.6 million within one year and $1.9 million over one to five years. The amount and timing of these payments vary depending on the rate of progress of development. Future clinical trial expenses have not been included within the purchase commitments because they are contingent on enrollment in clinical trials and the activities required to be performed by the clinical sites.


	June 30, 2025
Assets:
Operating lease, right-of-use asset	$	10,539

Liabilities:
Current portion of operating lease liabilities	$	656
Operating lease liabilities, net of current portion	7,940
Total operating lease liabilities	$	8,596

In calculating the present value of the lease payments, the Company elected to utilize its incremental borrowing rate based on the original term of the lease. The following table summarizes supplemental information related to leases as of June 30, 2025:

The components of the Company’s lease costs are classified on its consolidated statements of operations as follows (amounts in thousands):


	Six Months Ended June 30, 2025		Six Months Ended June 30, 2024
Operating lease cost	$	999	$	999
Variable lease cost	55		2
Short term lease cost	12		4
Sublease income	(175)		(175)
Total operating lease cost	$	891	$	830

Future lease payments and sublease income under non-cancelable operating leases as of June 30, 2025 were as follows (amounts in thousands):


	Operating Leases		Sublease Income
Year ending:
2025	$	817	$	178
2026	1,667		362
2027	1,700		370
2028	1,734		345
2029	1,769		—
Thereafter	5,521		—
Total	$	13,208	$	1,255
Less: Imputed interest	(4,612)
Present value of lease liabilities	$	8,596
Less: current portion	(656)
Lease liabilities, net of current portion	$	7,940

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. 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.