Note 12. Leases

The Company maintains leases for office space and research laboratory space, and as of December 31, 2025, all leases were classified as operating leases. These leases have remaining lease terms ranging from 1 to 10 years, some of which include options to extend or terminate the leases.

Pursuant to the headquarters lease in Framingham, which commenced in September 2025, the Company provided a security deposit in the form of a letter of credit in the amount of $0.7 million, which is classified within other assets in the consolidated balance sheets.

Total rent expense was approximately $2.2 million, $2.7 million, and $2.0 million for the eight-month period ended December 31, 2025 and twelve months ended April 30, 2025 and 2024, respectively, and is reflected in selling, general and administrative expenses and research and development expenses as determined by the underlying activities.

In September 2025, the Company entered into a sublease agreement for the entirety of its office space in Cambridge for the remaining lease term for total rental payments of approximately $1.2 million. As a result of the sublease, the Company recorded an impairment charge of $1.2 million to the right of use asset related to the sublease, reducing the carrying value of the lease asset to its estimated fair value. The impairment charge is included in selling, general and administrative expenses in the consolidated statements of operations and comprehensive loss. During the eight-month period ended December 31, 2025, the Company recognized $0.1 million of sublease income, which is included in other income, net in the consolidated statements of operations and comprehensive loss.