As of December 31, 2025, the Company has one operating lease (the “Office Lease”) and one operating sublease (the "Office Sublease"). The Office Lease is for office space under a lease that commenced on March 1, 2022 and expires on March 31, 2026 (the “Term”). The Office Sublease is for office space under a sublease that commenced on September 16, 2024 and expires on March 31, 2026 (the

"Sublease Term"). Refer to Note 10 for information regarding the updated lease expiry. Below is a summary of the Company’s ROU assets and lease liabilities as of December 31, 2025 and December 31, 2024 (in thousands, except for years and %):



	December 31, 2025			December 31, 2024
Right of use assets	$	85		$	1,003

Lease liability obligations, current	$	137		$	489
Lease liability obligations, less current portion		—			630
Total lease liability obligations	$	137		$	1,119

Weighted-average remaining lease term	0.25 years			2.57 years

Weighted-average discount rate		6.28	%		3.65	%

During the years ended December 31, 2025, 2024 and 2023, the Company recognized $500,000, $404,000 and $339,000, respectively, in operating lease expenses, which are included in operating expenses in the Company’s statements of operations.

Approximate future minimum lease payments for the Company’s right-of-use assets over the remaining lease period as of December 31, 2025 are as follows (in thousands):



2026		139
2027		—
Total minimum lease payments	$	139
Less: amount representing interest	$	(2	)
Total lease liability obligations	$	137

The Office Lease provides the Company with an option to extend the term of the Office Lease for a period of five years beyond the Term. If the option is exercised, the renewal term will be upon the same terms and conditions as the original Office Lease, except that the base rent will be equal to the prevailing market rate as determined pursuant to the terms of the Office Lease.