In February 2025, we relocated our corporate headquarters to a new location in San Diego, California. This operating lease for the new corporate headquarters is for 6,942 square feet of office space which expires on January 31, 2028. In the first quarter of 2025, we recognized an initial right-of-use (“ROU”) lease asset of $0.9 million and a lease liability of $0.9 million related to this space in San Diego, California.

As of June 30, 2025, we have an operating lease for 25,476 square feet of laboratory and office space in Taicang, China, with a lease term that expires on April 30, 2026. We also had an operating lease for 3,628 square feet of office space in San Diego, California, with a lease term that expired on April 30, 2025.

As of June 30, 2025 and December 31, 2024, the weighted average remaining lease term was 2.4 years and 1.0 year, respectively, and the weighted average discount rate used to determine the operating lease liability was 8.0% and 4.8%, respectively.

During the three and six months ended June 30, 2025, we recognized $121,000 and $246,000, respectively, of operating lease expense and we paid $88,000 and $163,000, respectively, for our operating leases.

During the three and six months ended June 30, 2024, we recognized $72,000 and $144,000, respectively, of operating lease expense and we paid $75,000 and $149,000, respectively, for our operating leases.

Annual future minimum lease payments as of June 30, 2025 are as follows (in thousands):


2025 (remainder of year)	$	211
2026	371
2027	354
2028	30
Thereafter	—
Total future minimum lease payments	966
Less: amount representing interest	(96)
Total lease liabilities	$	870