In May 2022, the Company entered into a noncancelable facility lease agreement to lease 24,051 square feet of office and laboratory space in Waltham, Massachusetts (“Waltham Lease”), which became the Company headquarters in January 2023 following the completion of construction of the prebuilt office and lab space, and when the Company received full access and control over the leased space. At commencement of the lease the right-of-use asset was $9.5 million, which was reduced by $0.4 million of lease incentives, offset by $0.2 million of lease prepayments, and the lease liability was $9.7 million.

The original term for the Waltham Lease is for the period from January 2023 through November 2030, and the Company has the option to extend the Waltham Lease for an additional five-year term at market-based rates. The renewal option is not reasonably certain to occur, and as such, it was not considered in the measurement of the right-of-use asset and lease liability. The Waltham Lease has escalating base rent payments, which commenced in September 2023 and continue through the expiration of the lease. The Company received eight months of free rent and five additional months of 50% rent abatement. The Company is responsible for other fixed and variable payments including operating expenses and property taxes.

In June 2023, the Company entered into a sublease agreement to sublet 6,399 square feet of its office and laboratory space under the Waltham Lease (the “Sublease”). The Company was not relieved of its obligation to the lessor for the head lease as a result of its entry into the Sublease. The Sublease is classified as an operating lease and commenced in July 2023 and expired in August 2025. Sublease income was recognized on a straight-line basis. For the years ended December 31, 2025 and 2024, the Company recognized $0.4 million and $0.7 million, respectively, of sublease income within other income on the consolidated statements of operations and comprehensive loss.

The following table presents inputs used in the calculation of the Company’s right of use asset and lease liabilities at the end of each reporting period:


	December 31,
	2025			2024
Weighted-average remaining lease term (years)	4.9			5.9
Weighted-average discount rate	11.0		%	11.0		%
Cash paid for amounts included in the measurement of operating lease liabilities (in thousands)	$	2,128		$	1,897


Year ended December 31,	Amount
2026	$	2,190
2027	2,253
2028	2,319
2029	2,386
2030	2,246

Total future minimum lease payments	11,394
Less imputed interest	(2,717)
Present value of operating lease liability	$	8,677