In June 2023, the Company entered into a lease for its corporate headquarters in Boston, Massachusetts. The lease commenced August 31, 2023 with an initial term of 40 months. The monthly lease payments are $66 thousand for the first 12 months, with 2% escalation each year. In conjunction with the lease, the Company paid a security deposit of $0.1 million that is recorded on the Company’s consolidated balance sheet in prepaid expenses and other current assets as of December 31, 2025.

In February 2024, the Company entered into a lease in San Diego, California to lease a total of 20,626 square feet for laboratory and office space. The lease commenced January 11, 2025 with an initial term of 60 months with no option to extend for an additional term. The lease provides for annual base rent for the premises of approximately $1.9 million for the first year of the lease. Thereafter, the annual base rent will increase at an adjustment rate of 3.0% each year until the end of the term. The Company is also obligated to pay the landlord certain fees, taxes, and operating expenses, subject to certain exclusions.

In November 2024, the Company entered into a sublease for a new corporate headquarters space in Boston, Massachusetts for 15,275 square feet of office space. The lease commenced June 1, 2025 with a lease term of 6.5 years with no option to extend for an additional term. The lease provides for annual base rent for the premise of approximately $0.8 million for the first year of the lease. Thereafter, the annual base rent will increase at an adjustment of 2.0% each year until the end of the term. The Company is also obligated to pay the landlord certain fees, taxes, and operating expenses, subject to certain exclusions. In conjunction with the lease commencement, the Company paid a security deposit of $0.4 million that is recorded on the Company’s condensed consolidated balance sheet in other assets as of December 31, 2025.

Right-of-use lease assets and lease liabilities are reported in the Company’s consolidated balance sheets as follows (in thousands):


	For the year ended December 31,
	2025		2024
Operating lease
Operating lease right-of-use assets, net	$	9,909	$	1,442
Operating lease right-of-use liabilities, current		2,755		737
Operating lease right-of-use liabilities, non-current		8,729		739
Total operating lease liabilities	$	11,484	$	1,476

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


	For the year ended December 31,
	2025		2024
Operating lease costs	$	2,754	$	776
Variable lease costs		54		383
Short-term lease costs		—		66
Total Lease cost	$	2,808	$	1,225

Other information related to leases was as follows (in thousands):


	For the year ended December 31,
	2025		2024
Supplemental cash flow information
Cash flows included in the measurement of lease liabilities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,212	$	804
Right-of-use lease assets obtained in exchange for new operating lease liabilities	$	10,499	$	—


	2025			2024
Lease term and discount rate
Weighted-average remaining lease term–operating lease		4.6			2.0
Weighted-average discount rate–operating lease		7.24	%		7.29	%

As of December 31, 2025, maturities of operating lease liabilities for each of the following five years and a total thereafter were as follows (in thousands):


2026	$	3,478
2027		2,785
2028		2,861
2029		2,591
2030		879
Thereafter		821
Total minimum future lease payments		13,415
Less: Imputed interest		(1,931	)
Total lease liabilities	$	11,484