The Company leases office space under a non-cancelable operating lease in Wellesley, Massachusetts under a 24-month lease agreement that expires in December 2026. The lease contains rent escalation clauses and an option to extend the term of the lease for an additional 12-month period at a market rate determined according to the lease. At the lease’s inception and as of December 31, 2025, the Company expects to exercise its option to extend the lease, and therefore the period covered by this option is included in the lease term.

In April 2025, the Company amended the lease to add space to the existing lease for additional fixed payments totaling $0.2 million through 2026 with an option to extend the lease through 2027 for additional fixed payments of $0.1 million. As the Company expects to exercise its option to extend the lease, the extension period is included in the lease term. Accordingly, the Company recorded an increase to operating lease right-of-use assets and operating lease liabilities of $0.2 million.

The Company previously leased office space in Bellevue, Washington, which expired in January 2025, and Cambridge, U.K., which expired in June 2024.

The components of lease expense were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Operating lease cost	$	250	$	243
Short-term lease cost		—		—
Variable lease cost		9		86
	$	259	$	329

Supplemental disclosure of cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	256	$	350
Operating lease liabilities arising from obtaining right-of-use asset	$	216	$	510

The weighted-average remaining lease term and discount rate were as follows:


	Year Ended December 31,
	2025			2024
Weighted-average remaining lease term - operating lease (in years)		2.0		2.9
Weighted-average discount rate - operating lease		8.5	%		8.5	%

As of December 31, 2025, the annual future minimum lease payments due under the Company’s non-cancelable operating lease was as follows (in thousands):


Year ending December 31,
2026	$	293
2027		298
Total undiscounted lease payments		591
Less: imputed interest		(50	)
Total operating lease liabilities	$	541

Total operating lease liabilities in the table above are classified on the consolidated balance sheet as follows (in thousands):


Included in the consolidated balance sheet (in thousands):
Current operating lease liability	$	256
Operating lease liability, net of current portion		285
Total operating lease liabilities	$	541