In May 2024, the Company entered into a new lease agreement for office space in New York, New York. The Company received $1.2 million of leasehold improvement incentives associated with the new lease agreement. The term of this lease commenced on June 21, 2024, which is the date the Company obtained control over the leased premises. The lease term continues through March 2032. The Company’s real estate lease agreement includes variable payments that are passed through by the landlord, such as insurance, taxes, and common area maintenance, and payments based on the usage of the asset. Pass-through charges and payments due to changes in usage of the asset are included within variable rent expense. Operating leases are recognized over the lease term and included in general and administrative expenses in the accompanying statements of operations. Variable lease expenses are recognized in general and administrative expenses in the accompanying statements of operations as incurred.

The Company’s lease agreement does not contain material residual value guarantees, restrictions, or covenants. The Company has no other operating leases recognized on the accompanying balance sheets.

On November 10, 2025, the Company entered into an amendment to the lease agreement providing for the lease of approximately 4,600 square feet of additional office space through March 2032. The amendment did not result in any changes in terms of the original leased space. The Company determined the lease for additional space is treated as a separate lease and recorded when access to the new space is granted per ASC 842. The additional office space is expected to be delivered to the Company on or before July 1, 2026. The fixed rent for the additional office space will be $2.6 million over the remaining term.

The components of lease expense were as follows for the years ended December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Operating lease expense	$	534	$	308
Short-term lease expense		—		119
Variable lease expense		27		—
Total lease expense	$	561	$	427

Short-term lease expense includes expenses related to the Company’s 2018 operating lease agreement for office space in New York, New York. The lease agreement was month-to-month and could be terminated by either party with three months’ written notice. The Company terminated the lease effective September 30, 2024. The Company made the policy election to exclude short-term leases from recognition and measurement under ASC 842.

Supplemental balance sheet information related to operating leases as of December 31, 2025 and 2024 was as follows (in thousands):


	December 31, 2025			December 31, 2024
Operating lease right-of-use assets	$	2,151		$	2,298
Operating lease liability, current		730			487
Operating lease liability, noncurrent		2,839			3,216
Total operating lease liability	$	3,569		$	3,703
Weighted average remaining lease term (in years)		6.3		7.3
Weighted average discount rate		9.6	%		9.6	%

Other information related to leases for the years ended December 31, 2025 and 2024 was as follows (in thousands):



	December 31, 2025		December 31, 2024
Cash paid for amounts included in the measurement of lease liabilities	$	520	$	61

As of December 31, 2025, future minimum commitments under operating leases were as follows (in thousands)(1):


Year Ending December 31,	As of December 31, 2025
2026	$	730
2027		730
2028		764
2029		775
2030		775
Thereafter		968
Total future lease payments	$	4,742
Less: imputed interest		(1,173	)
Present value of lease payments	$	3,569

(1) The table excludes approximately $2.6 million of minimum lease payments for the additional leased space for which a contract has been signed, but has not yet commenced.