Facilities Lease Agreements—In January 2022, the Company entered into an 8-year office lease agreement for a 20,116 square feet facility in Brisbane, California (“Brisbane Lease”). The lease commenced in December 2022.

As of December 31, 2025 and 2024, the balance of the operating lease right of use assets were $7,540 and $8,643, respectively, and the related operating lease liability were $8,141 and $9,011, respectively, as shown in the accompanying consolidated balance sheets.

Rent expense was $1,946 and $2,244 for the years ended December 31, 2025 and 2024, respectively.

As of December 31, 2025, future minimum annual lease payments under the Company’s operating lease liabilities were as follows:


	Total Commitment
Year Ending	(in thousands)
2026		1,926
2027		1,994
2028		2,064
2029		2,136
2030		2,210
Total minimum lease payments		10,330
Less: imputed interest		(2,189	)
Present value of operating lease obligations		8,141
Less: current portion		(1,192	)
Noncurrent operating lease obligations	$	6,949

Related to this Brisbane Lease agreement, the Company entered into a letter of credit with a bank to deposit $388 in a separate account that is restricted cash to serve as security rent deposit. This amount is included in other noncurrent assets in the accompanying Consolidated Balance Sheets as of December 31, 2025.