7. Commitments and Contingencies

Operating Leases

The Company’s principal executive offices are located in Purchase, New York where the Company currently occupies 2,864 square feet of office space under a lease that expires in May of 2029. The Company also leases approximately 6,068 square feet of laboratory and office space located in Pittsburgh, Pennsylvania under leases that expire in June of 2026.

Amounts reported in the consolidated balance sheets for leases where the Company is the lessee as of December 31, 2025 and 2024 were as follows, in thousands:

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Operating lease costs for the year ended December 31, 2025 and 2024 was $215 and $218, respectively.

The maturities of the operating lease liabilities and minimum lease payments as of December 31, 2025 were as follows:

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The following table summarizes the lease term and discount rate as of December 31, 2025 and 2024:

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Operating cash flows used for operating leases for the year ended December 31, 2025 and 2024 was $222 and $224, respectively.

Litigation and Contingencies

From time to time, the Company may be involved in disputes or regulatory inquiries that arise in the ordinary course of business. When the Company determines that a loss is both probable and reasonably estimable, a liability is recorded and disclosed if the amount is material to the financial statements taken as a whole. When a material loss contingency is only reasonably possible, the Company does not record a liability, but instead discloses the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can reasonably be made.

As of December 31, 2025 and 2024, there was no litigation or contingency with at least a reasonable possibility of a material loss.